SS7E2, SS7E5, SS7E8: Voluntary Trade

Front

Tax on imported goods is ___________

Back

a tariff

Front

A limit on imported goods is  _____________________ 

Back

a quota

Front

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

Back

an embargo

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 due to Nationalism

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 called? (Options: Tariff, Embargo, Quota)

Back

Embargo

Front

What is the term for a tax imposed on goods exported to another country, as in the case of Company XYZ exporting cheese to the U.S. for $100 per pound with a 20% tax?

Back

Tariff