International Economics Vocabulary Quiz

Specifications that products may have to meet for various purposes such as health, safety or compatibility are called?

• embargo

• tariff

• standards

• quota

A government imposed limit on the quantity of goods and services that may be imported from another country is called a?

• standard

• embargo

• tariff

• quota

An __________ is a government order that restricts the exchange of goods with a specified country.

• embargo

• tariff

• quota

• subsidy

An _______ is a good or service bought in one country that was produced in another.

• tariff

• quota

• export

• import

________ are the goods and services that a country produces domestically and sells to buyers in a foreign country

• trade

• imports

• exports

• tariff

A government policy or restriction that limits international trade is known as a?

• quora

• trade barrier

• subsidy

• standards

A tax on an imported good is called a?

• quota

• barrier

• tariff

• standard

A payment from the government to encourage or protect a certain economic activity is called a?

• subsidy

• tariff

• quota

• advantage

The difference in value between a country's imports and exports is its ________________.

• quota

• trading block

• appreciation

• balance of trade

_________ is an increase in the value of a currency as measured by the amount of foreign currency it can buy.

• specialization

• depreciation

• exchange rates

• appreciation