Free Trade Review

Front

What is a tariff?

Back

A tax on imported goods

Front

Which term refers to policies that restrict international trade to protect domestic (home country) industries?

Back

Protectionism

Front

What does NAFTA stand for?

Back

North American Free Trade Agreement

Front

Which countries were part of NAFTA?

Back

United States, Canada, Mexico

Front

What is the main purpose of a tariff?

Back

To raise government revenue and protect domestic industries

Front

Which agreement replaced NAFTA in 2020?

Back

USMCA

Front

What is a benefit of free trade?

Back

Increased variety of goods for consumers and lower prices

Front

Which of the following best describes the USMCA?

Back

A trade agreement between the US, Canada, and Mexico that updated NAFTA

Front

How might tariffs affect the price of imported goods?

Back

They usually increase the price

Front

What is one benefit of free trade for consumers?

Back

Access to a wider variety of products