SS7E5 Review

Front

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

Back

Embargo

Front

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

Back

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?

Back

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)

Back

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

Back

Embargo

Front

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

Back

Trade Barrier

Front

Trading without anyone forcing you to do so.

Back

Voluntary Trade

Front

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

Back

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.

Back

Voluntary Trade