SPECIALIZATION & TRADE BARRIERS

Front

Any activity which slows or outright blocks the free exchange of goods and services.

Back

trade barriers

Front

A trade barrier that places a tax on imported goods.

Back

tariff

Front

Which of the following trade barriers is a block or restriction on trade with another country? Options: Tariff, Embargo, Quota

Back

Embargo

Front

Which trade barrier limits the amount (quantity) of a good that can be imported? Options: Subsidy, Quota, Tariff, Embargo

Back

Quota

Front

What is the purpose of a tariff?

Back

To encourage people to buy goods made in their own country.

Front

What is specialization?

Back

Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally

Front

How does specialization encourage trade?

Back

Lowering the cost and increasing the quality of goods/services

Front

Which country is it hardest to start a business in? Options: Russia, United Kingdom, Germany, Spain

Back

Russia

Front

The European Union adds a new tax on all grain from Russia. Is this a tariff, a quota, or an embargo?

Back

Tariff

Front

The European Union restricts all imports of sugar from Cuba. Is this a tariff, a quota, or an embargo?

Back

Embargo