Trade in Europe Quiz

The European Union’s ban on trade with Iran.

• Tariff

• Quota

• Embargo

Why do countries specialize?

What are two advantages to specialization?

Which type of barrier to trade is similar to the economic term “tax”?

• Tariff

• Embargo

• Quota

Why might a government set a quota on foreign goods?

The UK taxes all wood coming into the UK from Canada.

• Tariff

• Embargo

• Quota

The Russian president decreases the amount of imported peanuts  allowed into the country by 100 million pounds per year.

• Tariff

• Embargo

• Quota

In 1963, US President Kennedy prohibited all trade with Cuba.

• Tariff

• Embargo

• Quota

Germany limits the amount of wool suits that Ireland can ship to them.

• Tariff

• Quota

• Embargo

Why does international trade require a system for exchanging currency?