Trade & Trade Barriers

Front

A tariff is when a _______ is put on an imported good

Back

Tax

Front

Which of the following trade barriers is a block or restriction on trade with another country: Tariff, Embargo, Quota?

Back

Embargo

Front

A country might place a limit or __________ on another country to weaken their economy.

Back

Quota

Front

In 2010, China placed a tax on imported American poultry of up to 105.4%. This is an example of which trade barrier?

Back

Tariff

Front

If a country produces one product at a fast pace and can do what they do best and trade for the rest, this is called what?

Back

Specialization

Front

True or False: An embargo is meant to increase the amount of trade between two countries?

Back

False

Front

What is a quota?

Back

legal limit on the amount of a good that can be imported into a country.

Front

Which trade barrier limits the amount (quantity) of a good that can be imported?

Back

Quota

Front

Which statement BEST reflects the difference between tariffs and quotas?

Back

Tariffs raise prices on imports, while quotas set limits on imports.

Front

What is the purpose of a tariff?

Back

To encourage people to buy goods made in their own country.