BBB4M Unit 1 Review

What are tariffs?

• political boundaries between nations
• military blockades of specific countries
• disputes between state governments over boundaries
• taxes on the import or export of goods from a country

When one country refuses to trade with another country because of political or infringements of human rights it is called:

• standard of care
• subsidy
  subsidy
• embargo
• revenue tariff

An import is a

• Good/service brought into a country
• Good/service sent to another country
• Good brought into a country

An export is a

• Good/service brought into a country
• Good/service sent to another country
• Good brought into a country

True or False: A trade barrier is something that blocks or hinders trade from happening?

• True
• False

This trade barrier limits the number of products that can be brought into a country.

• Tariff
• Quota
• Embargo
• Subsidy

If nations limit trade in of clothing who will benefit?

• Domestic Consumers of clothing
• Domestic producers of clothing
• Foreign Producers of clothing 
• department stores who sell clothing

Tariffs and Quotas can benefit nations imposing them by...

• Raising revenue
• increasing variety of goods
• lowering prices
• increasing consumption 

An example of domestic business is when a person living in Canada buys  a product made in Germany.

• True
• False

International trade usually reduces the product choices available to consumers.

• True
• False