Trade Barriers Flashcard

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What is a trade barrier?

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A policy reducing or eliminating free trade in a country.

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Which of the following is an example of a tariff? A prohibition on all trade with people and businesses in a specific country. A limit on the amount of a foreign good or service that may be legally imported. A tax on import. Government payments to exporters.

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A tax on import.

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Which of the following is an example of a quota? A policy reducing or eliminating free trade in a country. A tax on import. A prohibition on all trade with people and businesses in a specific country.

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A limit on the amount of a foreign good or service that may be legally imported.

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Which of the following is an example of an embargo? A prohibition on all trade with people and businesses in a specific country. A policy reducing or eliminating free trade in a country. A tax on import. A limit on the amount of a foreign good or service that may be legally imported.

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A prohibition on all trade with people and businesses in a specific country.

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Which of the following is an example of a subsidy? A policy reducing or eliminating free trade in a country. A tax on import. A limit on the amount of a foreign good or service that may be legally imported. Government payments to exporters.

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Government payments to exporters.

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Which of the following is an example of a standard? A policy reducing or eliminating free trade in a country. Safety, environmental, health, or other technical requirements set by a government. A tax on import. A limit on the amount of a foreign good or service that may be legally imported.

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Safety, environmental, health, or other technical requirements set by a government.

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What is the restriction to selling homemade baked goods in this scenario?

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Tariff

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How will the tax on homemade baked goods affect consumers buying them?

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Consumers will buy less homemade baked goods because they're more expensive.

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What is the restriction to selling homemade baked goods in the scenario where the principal makes a rule that only ¼ of baked goods sold can be brought from outside the school?

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Quota

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The principal decides to give money to the cafeteria to help pay for costs of making baked goods. These treats can now be sold at a lower price. What's the barrier used in this scenario?

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Subsidy