Chapter 4 Review

Which of the following is the exchange of goods and services between nations?

• Tariff

• Quota

• Balance of Trade

• International Trade

________________ are the goods and services purchased from other countries.

• Imports

• Exports

• Free Trade

• Balance of Trade

_________________ are goods and services sold to other countries.

• Imports

• Exports

• Free Trade

• Balance of Trade

When the USA imported machinery to build computers, once the computer was built the USA then exported the computers to other countries to get their profits back to equal. What is this an act of?

• Free Trade

• Balance of Trade

• Trade Deficit

• Trade Barriers

The commercial exchange between nations that is conducted on a free market principle without regulations is known as which of the following?

• Tariff

• Embargo

• Free Trade

• Trade Balance

A tax on imports is also known as which of the following?

• Free Trade

• Quota

• Embargo

• Tariff

Jim needed 12 cakes for his upcoming fundraiser but the local cake store put a ________________ on the number of cakes that one person could buy so Jim was short 2 cakes.

• Tariff

• Embargo

• Quota

• Protectionism

The United States put a ________________ on importing Chilean grapes in 1989 because there was poison found within a shipment.

• Free Trade

• Tariif

• Quota

• Embargo

Government's establish economic policies that systematically restrict imports in order to protect domestic industries. This is known as what?

• Protectionism

• Tariff

• Embargo

• Quota

Which of the following is a global coalition of nations that make the rules governing international trade?

• European Union (EU)

• North American Free Trade Agreement (NAFTA)

• World Trade Organization (WTO)

• International Trade