If a Small Nation Increases the Tariff on Its Import

question 1

Multiple Choice

If a small nation increases the tariff on its import commodity:

• A)the rent of domestic producers of the commodity increases
• B)the protection cost of the tariff decreases
• C)the deadweight loss decreases
• D)all of the above

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Definitions:

In Personam Jurisdiction

Legal authority over a particular person as opposed to jurisdiction over property, allowing a court to make decisions affecting the person's rights and obligations.

Exclusive Jurisdiction

A legal authority of a particular court to be the only court to hear a specific case or type of case, precluding others.

Patent Cases

Legal disputes that involve the infringement, validity, or enforcement of patent rights.

Forum Selection Clause

is a contractual provision that specifies the location and/or jurisdiction in which disputes arising under the contract will be resolved.