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Econ Review: Trade Barriers & Econ Types

English

6th - 8th Grade

CCSS covered

Used 1+ times

Econ Review: Trade Barriers & Econ Types
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Company XYZ produces cheese in Scotland and exports the cheese, which costs $100 per pound, to the United States. A 20% tax would require Company XYZ to pay the United States government $20 to export the cheese

Tarriff

Quota

Embargo

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2.In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico.

Tariff

Quota

Embargo

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. In 1962, the United States prohibited all imports and exports to and from Cuba.

Tariff

Quota

Embargo

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5.In 2010, China announced that it would impose an import tax on American poultry of up 105.4 percent.

Tariff

Quota

Embargo

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To give its farmers an advantage, Nigeria has placed a high tax on imported rice. This is an example of which trade barrier.

tariff

quota

embargo

Null

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Why is it important for nations to have a system to convert from one currency to another?

Converting currency makes it possible to buy and sell goods between countries with different types of money.

The dollar is the most valuable currency in the world.

Converting currencies makes goods cost less so more people are likely to trade.

It is not important because international trade can now occur with an exchange rate.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Why does specialization make trade between countries easier?

There will always be a steady supply of goods on the market so trade is not needed.

Countries can produce what they make best and trade with others for what they need.

A country’s economy will never go through a difficult time if they specialize in a good.

The competition between countries will not exist without interdependance.

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