What is a tariff

• A government order to stop trade

• A tax placed on imports

• A limit placed on imports

What is an embargo?

• A government order to stop trade.

• A limit placed on imports.

• A tax placed on imports.

A tariff....

• Stops trade completely.

• Encourages people to buy goods made from their country.

• Only placed to encourage democracy.

• Increases trade between other countries.

Which of the following is an economic system in which the government and individuals are used to decide how to use scarce resources?

• Traditional economy

• Command economy

• Mixed economy

• Market economy

Which of the following is an economic system in which economic decisions are made according to social roles & culture?

• Traditional economy

• Command economy

• Mixed economy

• Market economy

Which economy is dictated by supply and demand and the buyers and sellers?

• Socilaism

• Market

• Mixed

• Command

An import quota is...

• A way to increase tariff revenues

• A tax on import quantities above the legal limit.

• A legal limit on the amount of a good that is imported into a country.

• Legal incentive for members of WTO to increase their exports of a good or service.

Say the United States wants to end their trade relationship with South Africa because of their support of the apartheid. What trade barrier would they MOST LIKELY use?

• Tariff

• Embargo

• Quota

• None of the above.

Define quota.

• A complete end to trade *for a period of time*.

• A tax on imported items.

• A limit on imported items.

• None of the above; definition of quota is not present.

True or false: Africa placed strict quotas on the amount of Chinese textiles entering the country.

• True

• False