1.A) Managed tradeagreements, sometimes temporary, between countries (or a group of countries) that aim to achieve certain trade outcomes for the countries involvedaims to replace global market or economic forces with government actions to determine trade outcomes. Which of the following is a socioeconomic rationale used by economic policy makers to protect specific companies or industries and achieve particular strategic objectives?

A. Embargoes B. National security C. Export cartels D. Strategic industries

1.B) As described in this mini case, the ideology of economic nationalism seeks to implement trade policies that help to keep jobs and investment at home. The belief that a country must export as much as possible and, in turn, import as little as possible is described by which theory of international trade?

A. Comparative advantage B. Factors of production C. Mercantilism D. Heckscher-Ohlin (H_O) theory

1. C)"Buy American" restrictions are an example of extreme economic nationalism. A more moderate approach might allow imports, but with certain restrictions regarding the sourcing of materials for those products. Which type of nontariff trade barrier would facilitate this middle-of-the-road approach?

A. Voluntary export restraint B. Preferential Duties C. Domestic content provisions D. import quotas

1.D) The result of several recent pieces of legislation is that infrastructure projects are required to use commodities such as iron and steel that are only domestically sourced, even though these products cost more than comparable imports. Which international trade theory would firmly oppose these actions?

A. factor price equalization B. absolute advantage C. Mercantilism D. Factor Endowment