16. Which of the following is true about the U. S. Federal Reserve System? a) there are 12 regional Federal Reserve Banks b) the head of the U. S. Treasury also chairs the Federal Reserve Board c) there are 14 members of the Federal Reserve Board d) the F. O. M. C. is smaller in size than the Federal Reserve Board 17. Free trade based on comparative advantage is economically beneficial because: a) it promotes an efficient allocation of resources b) it increases competition c) it provides consumers with a wide range of products d) all of the above 18. As a percentage (%) of GDP, U. S. exports are: a) about 30 percentage b) about 20 percentage c) considerably lower than in several other industrialized advanced nation d). considerably greater than in several other industrially advanced nations 19. The major trade partners of the U. S .are: a) Canada, Egypt, and Kenya c) Canada, Mexico and Japan b) Japan, China and Panama d) Mexico, Russia and Norway 20. The U. S. is leading exporter on all of the following commodities except : a) Coffee b) Automobiles c) Aircrafts d) Grain products 21. Which of the following is/are reason//reasons for trade restriction? a) infant industry argument c) protecting domestic jobs b) countering foreign subsidies and dumping d) all of the above 22. In comparing tariff and an import quota, we find that: a) tariff and quota both generate the same amount of revenue for U. S. Treasury b) tariff generates revenue for the U. S. Treasury but quota does not c) quota generates revenue for the U. S. Treasury but tariff does not d) neither tariff nor quota generate revenue for the U. S. Treasury