International Trade, GDP

Front

What is PROTECTIONISM?

Back

economic policy of restricting imports from other countries

Front

President Trump has enacted tariffs against China and a lot of people worried that China might retaliate and enact tariffs against the U.S. What is this event called?

Back

A trade war

Front

Which of the following trade barriers is a block on trade with another country? Tariff, Embargo, Quota, Standards

Back

Embargo

Front

The value that one currency has compared to another currency is called exchange rate

Back

True

Front

A country that concentrates on producing and selling one particular product demonstrates this concept

Back

specialization

Front

Which is a benefit of the U.S. dollar weakening against the Euro? Options: Americans will buy more European made cars., People will buy more European goods in the U.S., Europeans will travel to the U.S. because it will be a better bargain., Americans will travel more to European destinations.

Back

Europeans will travel to the U.S. because it will be a better bargain.

Front

This trade barrier limits the number of products that can be brought into a country.

Back

Quota

Front

This is a tax on imports that is used to increase price of foreign products and raise government revenue.

Back

tariff

Front

In 1962, the United States sanctioned Cuba and prohibited all imports and exports to and from Cuba. This is an example of which trade barrier?

Back

A sanction implemented as an embargo

Front

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

Back

to raise the price of imported foreign goods, which would encourage people to buy domestic goods