SS7E2 Voluntary Trade Africa

The trade of goods and services between countries of the world.

• Global trade

• Free trade

• Voluntary trade

• Specialization

Nigeria focuses on oil production because they can do it in the best and quickest way. This is called?

• Specialization

• Trading

• Global trade

• Voluntary trade

Tariffs and quotas are alike because they both:

• completely stop trade between countries.
• restrict or limit trade between countries.
• increase free trade between countries.
• make free trade easier between countries.

The United Nations opposed the Apartheid system and placed an embargo on South African. How did this affect their trade relationships?

• It banned all trade and hurt the country economically

• It placed a tax on goods and services exported from South Africa to other countries

• It placed a limit on the quantity of goods that South Africa could sell

• None of the above

The United States limits the volume of Canadian beef to 199,000 tons that can be imported each year. This would be an example of which trade barrier?

• Embargo

• Tariff

• Quota

• Imports

In 2015, South Africa signed an agreement with the United States regarding trade. It limits the amount of bone-in chicken, 65,000 tons, to be imported into South Africa each year. This is an example of?

• Embargo

• Tariff

• Quota

• Imports

If the U.S. decides to charge an extra 20 cents per pound on pineapples from Thailand, this extra 20 cents would be called?

• Tariff

• Embargo

• Quota

• Trade

South Africa decides to boycott all oil from Nigeria. What is this an example of?

• tariff
• quota
• embargo
• physical trade barrier

Only 100,000 cars from Germany are allowed to be imported into Kenya each year. This is an example of which type of trade barrier?

• tariff
• quota
• embargo
• physical trade barrier

How much one currency is "worth" when "exchanged" with another. It is Always changing.

• imposing tariffs
• free trade
• the stock market
• exchange rates