POB Chapter 3.2 Review

A(n) ___ is a market in which members do away with duties and other trade barriers.

• embargo

• free trade agreement

• quota

• common market

The accepted behaviors, customs, and values of a society are known as its ____.

• characteristics

• imports

• quota

• culture

Countries with few natural resources must depend on ____.

• exports

• imports

• tariffs

• quotas

A country lacking oil reserves will likely rely more on ____ to meet its energy needs.

• exports

• imports

• tariffs

• quotas

A(n) ____ is a limit on the quantity of a product that may be imported or exported within a given period.

• price

• embargo

• quota

• tariff

____ are restrictions to free trade.

• Common markets

• Free trade zones

• Trade barriers

• Free trade agreements

A nation's transportation, communication, and utility systems is known as ____.

• markets

• infrastructure

• embargoes

• quotas

Tariffs ___ the price for imported products.

• increase

• decrease

• have no effect on

• all of the above

When the government imposes tariffs, the price for imported electronics ___.

• increase

• decrease

• have no effect on

• all of the above

A(n) ____ is a tax that a government places on certain imported products.

• tariff

• embargo

• price

• quota