Unit 7 Learning Target 2 Practice Flashcard

Front

A tax on imported goods.

Back

Tariff

Front

Which of the following is 1 FTA of which the US is NOT a part? CAFTA-DR, KORUS, US-Mexico-Canada Agreement, The European Union

Back

The European Union

Front

Criticisms of both Free Trade Agreements (FTAs) and the World Trade Organization (WTO)?

Back

Both seem to favor richer countries over poorer countries.

Front

India has imposed a 25% tax on foreign-produced cars to help fund the creation of a domestic automotive industry. This scenario is an example of which argument against free trade?

Back

Protect Infant Industries

Front

Which groups are likely to argue for limiting international trade?

• Consumers of foreign goods/services
• Workers and Labor Unions who could lose jobs
• Businesses and Industries who have to compete against foreign businesses/industries

Back

Workers and Labor Unions who could lose jobs; Businesses and Industries who have to compete against foreign businesses/industries

Front

Hannah is studying international trade policies and comes across a case where a 75% tax is imposed on shoes imported from Vietnam. What type of trade restriction is this?

Back

tariff

Front

How does the US government increase its revenue through trade restrictions?

Back

Tariffs

Front

What is the primary purpose of imposing quotas on certain imported goods?

Back

To limit the quantity of goods entering a country

Front

What is a common argument in favor of trade protectionism?

Back

It protects domestic industries from foreign competition

Front

Which tool is used to completely ban trade with a specific country?

Back

Embargo