Trade Barriers Flashcard
Flashcard
•
Other
•
7th Grade
•
Easy
Standards-aligned
Wayground Content
Used 4+ times
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10 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a tariff?
Back
A tariff is a tax or duty imposed on imported or exported goods.
Tags
SS7E6
2.
FLASHCARD QUESTION
Front
What is the purpose of a tariff?
Back
The purpose of a tariff is to protect domestic industries.
Tags
SS7E6
3.
FLASHCARD QUESTION
Front
How does a tariff affect the price of imported goods?
Back
The price of imported goods increases.
Tags
SS7E6
4.
FLASHCARD QUESTION
Front
What is a quota?
Back
A quota is a predetermined or fixed amount or limit that is set for something.
Tags
SS7E6
5.
FLASHCARD QUESTION
Front
What is the purpose of a quota?
Back
The purpose of a quota is to control or regulate the quantity or quality of something.
Tags
SS7E6
6.
FLASHCARD QUESTION
Front
How does a quota affect the quantity of imported goods?
Back
A quota reduces the quantity of imported goods.
Tags
SS7E6
7.
FLASHCARD QUESTION
Front
What are the advantages and disadvantages of quotas?
Back
Quotas have advantages such as protecting domestic industries and promoting economic growth, but they also have disadvantages such as higher prices for consumers and limited competition.
Tags
SS7E6
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