Economics Review

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What kind of trade barrier is described by the bill signed by President George W. Bush in 2002 that placed an 8-30% tax on all imported steel into the United States?

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Tariff

Front

What kind of trade barrier is being described when the US limits foreign-sugar imports, causing US citizens to pay about 35.02 cents per pound for sugar compared to the world market price of about 19.67 cents per pound?

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Quota

Front

What trade barrier is being described? In 1960, following the collapse of the Batista regime, the US stopped all imports from Cuba. In addition, the US suspended all exports to Cuba. Currently, the US does allow some companies to export to Cuba, but Cuba must pay cash and cannot use credit.

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Embargo

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The U.S. government gives peanut farmers in Southwest Georgia money to help them lower their production costs in order to help them compete with peanut farmers from Canada. What is this called?

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Subsidy

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A system of trade policy that allows the free exchange of goods between countries. Usually means no tariffs or trade barriers. This is a definition of ….

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Free Trade

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Preventing a foreign product or service from freely entering a nation's territory. This is a definition of …..

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Protectionism

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Increasing domestic employment, national defense, protecting infant industries, and protection from "dumping" are all arguments against free trade.

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TRUE

Front

People having access to more goods, competition from foreign producers, and more demand for American made products are all arguments in favor of free trade.

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TRUE

Front

In which market structure is there the LEAST competition? Options: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

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Monopoly

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Which type of market structures has very few producers(companies) that control the majority of the market? Hint: think of the soda market

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oligopoly