Economy of Europe

How many countries are in the European Union today?

• 15
• 21
• 33
• 28

What does the eraser SYMBOLIZE in the cartoon below?

• an eraser
• trade bloc
• Euro

A tariff....

• Encourages people to buy goods made from their country.
• Increases trade between other countries.
• Stops trade completely.
• Only placed to encourage democracy.

What is a tariff?

• A government order to stop trade
• A limit placed on imports
• A tax placed on imports

What is an embargo?

• A government order to stop trade.
• A limit placed on imports.
• A tax placed on imports.

What is a quota?

• A government order to stop trade.
• A limit placed on imports.
• A tax placed on imports.

Japanese auto firms agree to limits set in Washington D.C., on the # of Japanese cars that may be sold in the U.S.

• Embargo
• Quota
• Tarriff
• Standard

In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of a(n)

• quota
• tariff
• embargo
• voluntary exchange

When a country prohibits (does not allow) trade or commerce with another country.

• quota
• tariff
• embargo

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

• Tariff
• Quota
• Embargo