10.4 Global Economics

Read the list below.

Types of Economic Barriers

Tariff

Quota

Regulation

?

Which term replaces the question mark in the list?

• Embargo

• Trade Zone

• Globalization

• Common currency

What outcome is a drawback of treaties such as the North American Free Trade Agreement (NAFTA)?

• increased safety regulations

• job loss in domestic industries

• higher wages for low-skill workers

• reduced innovation among entrepreneurs

Examine the table.

Which example best replaces the question mark in this table?

• Sweden increases its specialization.

• Japan keeps sales taxes low for consumers.

• Cuba reduces the use of scarce natural resources.

• Russia prevents problems resulting from foreign competition.

Which statement explains the most likely cause of the action described in the headline.

• The U.S. exports more to Iran than it imports.

• Iran wants to prevent manufacturing jobs from shifting to the U.S.

• The U.S. objects to the way the government of Iran treats its citizens.

• Iran has an abundant supply of resources the U.S. uses for its domestic industries.

Which situation is most likely to increase the value of Venezuelan currency in relation to the U.S. dollar?

• Venezuela places new tariffs on U.S. goods.

• Venezuela's economy experiences a period of growth.

• More Venezuelan tourists leave the country for their vacations.

• Many Venezuelan workers migrate to the U.S. to earn higher wages.

Examine the diagram.

Which word best replaces the question mark in the diagram.

• Democracy

• Resources

• Wealth

• Tariffs

Which sentence describes a criticism of the World Trade Organization (WTO)?

• It raises prices by promoting protectionist policies.

• It promotes free trade mainly to benefit wealthy nations.

• It leads nations to use economic embargoes more often.

• It hurts small businesses by blocking fair trade practices.

What is a tariff?

What is a quota?

What are regulations?