Trade Barriers Scenarios

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A tax or fee placed on imported (foreign) goods

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Tariff

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A limit on a specific imported (foreign) good

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Quota

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A complete ban on trade between 2 countries

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Embargo

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an economic decision that slows or prevents trade

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Trade Barrier

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What is the term for the 20% tax that Company XYZ must pay to export cheese to the United States? Options: Tariff, Quota, Embargo

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Tariff

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In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported from other countries.

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Quota

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In 1962, the United States prohibited all imports and exports to and from Cuba.

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Embargo

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In 2006, the United Nations Security Council unanimously adopted a resolution to restrict the export to and the import from Iran on certain items and technology potentially related to nuclear weapons. What is this restriction called? (Tariff, Quota, Embargo)

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Embargo

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

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Tariff

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In 2005, the United States limited the imports of Chinese textiles to 7.5% a year

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Quota