Chapter 5 Business in a Global Economy

In 1962, the United States prohibited all imports and exports to and from Cuba. This is an example of a ___________

• Tariff

• Embargo

• Quota

What is a tariff?

• 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. This is an example of a ___________

• Embargo

• Quota

• Tarriff

• Standard

Which type of trade barrier involves a limit on goods brought into the country?

• quota

• tariff

• embargo

• voluntary exchange

Money that people use to make trade easier is called

• credit cards

• taxes

• tariff

• currency

A limit placed on the number of goods brought into a country is a

• tariff
• quota
• embargo
• tax

Sending goods to another country to sell.

• import

• export

Increasing interdependence of nations and peoples across the globe and the connection made among nations when economies freely move goods, labor, and money across borders is called ______________

• Infrastructure

• Globalization

• Interdependence

• Specialization

WE do not live in a global market?

• True
• False

Globalization has brought economic growth to many developing countries.  This has meant jobs for millions of people.  It has also increased “_________ ___________” among countries.

• imports & exports
• multinational corporations
• economic interdependence