SS7E2, SS7E5, SS7E8: Voluntary Trade

Tax on imported goods is ___________

• a tariff
• a quota
• an embargo
• the reason we can't have nice things

A limit on imported goods is  _____________________ 

• a tariff
• a quota
• an embargo
• a lemonade stand

When we completely stop trading with another country, it's called ____________________

• a tariff
• a quota
• an embargo
• a hissy fit

In 1962, the United States prohibited (stop) all imports and exports to and from Cuba.  This is an example of a(n) _______.

• Tariff
• Embargo
• Quota
• Entrepreneur

In 2010, China announced that it would impose an import tax on American poultry of up 105.4 percent. This is an 

• Tariff
• Embargo
• Quota

Why is a system of currency exchange necessary for international trade?

• Nearly all world currencies are worthless on the world market
• Those buying goods on the world market only accept payment in gold and silver
• Most goods bought on the international market must be bought and paid for using United States dollars only
• There must be a way to pay for goods purchased from countries with different types of currencies due to Nationalism

What is the definition of economic specialization?

• Producing all goods and services needed for a country’s growth, so that trade with other countries is not needed.
• Producing those goods a country can make easily so they can trade them for goods made by others that cannot be produced locally
• Directly swapping goods from one country to another withouthaving to use money
• Trying to avoid investing in industry and technology because ofthe expense involved.

In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico.

• Tariff
• Quota
• Embargo

 In 2006, the United Nations passed a Resolution that prohibits states from directly or indirectly supplying North Korea with conventional weapons (battle tanks, artillery, aircraft, missiles, etc.)

• Tariff
• Embargo
• Quota

Company XYZ produces cheese in Scotland and exports the cheese, which costs $100 per pound, to the U.S.  A 20% tax would require company XYZ to pay the United States government $20 to export the cheese

• Tariff
• Embargo
• Quota