SW Asia Review-Voluntary Trade & OPEC

Which of the following describes an embargo?

• A ban on trade with a specific nation, usually for political reasons.

• A tax placed on imported goods

• This is usually meant to pressure the country to stop a specific action.

• This causes imported goods to be more expensive so that consumers will buy goods made in their country

• A limit on the quantity of an item imported into a country.

Which of the following describes a tariff?

• A ban on trade with a specific nation, usually for political reasons.

• A tax placed on imported goods

• This is usually meant to pressure the country to stop a specific action.

• This causes imported goods to be more expensive so that consumers will buy goods made in their country

• A limit on the quantity of an item imported into a country.

Which of the following describes a quota?

• This causes the costs of goods to rise because their are not as many available.

• A limit on the quantity of an item imported into a country.

• This is usually meant to pressure the country to stop a specific action.

• This helps protect a country's own businesses

• A tax placed on imported goods

Which of the following describes specialization?

• This occurs when a country focuses its resources on the production of a limited variety of goods and services

• A limit on the quantity of an item imported into a country.

• This is usually meant to pressure the country to stop a specific action.

• This is an efficient way to work and it creates goods that are cheaper

• A tax placed on imported goods

What is the name of the organization that was formed in 1960 to regulate the price of oil?

• NATO

• NAFTA

• WTO

• OPEC

Only 300,000 barrels of Venezuelan oil are allowed to be imported to Israel each year. This is an example of which type of trade barrier?

• Tariff

• Quota

• Embargo

• None of these

The United States taxes solar panels, washing machines and aluminum that is imported to the country. This is an example of which type trade barrier?

• Tariff

• Quota

• Embargo

• None of these

The United States prohibits imports and exports to Cuba and North Korea. This is an example of which type trade barrier?

• Tariff

• Quota

• Embargo

• None of these

The United Nations placed an embargo on this nation in 1990 after it invaded Kuwait.

• Iran

• Iraq

• Afghanistan

• Turkey

What resource does Saudi Arabia specialize in (90% of exports)?

• Diamonds

• Gold

• Oil

• Water