LA Economics

Countries specialize in what they ____________.

• do the worst at

• do the best at

• enjoy the most

• dislike the most

Which political barrier puts a tax on imported goods?

• Tariffs

• Quotas

• Embargoes

• Natural Barriers

What could be a reason that Columbia might put a tariff on coffee (an added tax on imported coffee)?

When the United States imposed an embargo against Cuba, it put ______________ on Cuba's communist government to change.

• support

• positivity

• a time limit

• pressure

What has to be done for one country to trade with another country if they have different forms of currency?

What is a tariff?

• A tax on imports
• A limit on imports
• A halt to trade
• A tax on exports

What is an embargo?

• A tax on imports
• A limit on imports
• A halt to trade
• A tax on exports

What is a quota?

• A tax on imports
• A limit on imports
• A halt to trade
• A tax on exports

What is GDP?

• the total value of all goods and services produced in a year in one country
• the total value of goods produced by a person in a year.
• the total value of goods consumed by a person in one year.
• the total value of all goods and services consumed in a year in one country

Why do countries need an exchange rate?

• to promote tourism

• to determine GDP

• to see who has the most money

• to trade with each other