Front

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

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Embargo

Front

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

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Tariff

Front

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

Back

There must be a way to pay for goods purchased from countries with different types of currencies.

Front

What is the definition of economic specialization?

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Producing those goods a country can make easily so they can trade them for goods made by others that cannot be produced locally.

Front

In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico. What is this limit called? (Options: Tariff, Quota, Embargo)

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Quota

Front

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.). What is this action called? Options: Tariff, Embargo, Quota

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Embargo

Front

Government policies that restrict or stop the flow of goods and services among countries.

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Trade Barrier

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Trading without anyone forcing you to do so.

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Voluntary Trade

Front

Why would a country impose a tariff or quota on imported goods?

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to raise the price of imported goods and encourage people to buy local

Front

An economic exchange in which all sides agree to participate because they expect to benefit.

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Voluntary Trade