Econ Quiz (assignment)

Member nations don't place barriers on each other, but they do place barriers on non-member nations. Each nation in this still controls its own trade policies.

• free trade areas

• customs union

• common markets

• economics unions

Member nations have free trade among themselves, but they don't each control their own trade policies. They also agree on a common external tariff for non-member nations.

• Free trade areas

• Customs union

• common markets

• monetary unions

It's a customs union, except factors of production move freely between member nations.

• customs unions

• common markets

• economic unions

• monetary unions

It's a common market but members share common economic polices and currencies.

• free trade areas

• customs union

• economic unions

• monetary unions

Two or more nations share the same currency

• economic unions

• free trade areas

• customs union

• monetary unions

A tax on imported goods

• tariffs

• quotas

• embargos

• standards

• subsidies

Limitations on the number of specific goods that may be imported from certain countries during a given time period.

• tariffs

• quotas

• embargoes

• standards

• subsidies

An official band on trade activity with a particular country for political reasons

• tariffs

• quotas

• embargoes

• standards

• subsidies

Specific requirements products must meet before they can be imported into a country

• tariffs

• quotas

• bargoes

• standards

• subsidies

Government payments assist an industry or business so that the price of a good may remain competitive.

• Tariffs

• tas

• embargoes

• standards

• Subsidies