Voluntary Trade Quiz

What is one of the three questions every country must answer?

• What to produce?

• What is the national sport?

• What is the national animal?

• How many holidays to have?

Taxes placed on imported goods are known as?

• Quotas

• Tariffs

• Embargoes

• Subsidies

What is currency?

• A type of bird

• A historical document

• something that is assigned value and can be used to purchase goods and services in a market

• A type of government

What is NAFTA?

• National Association of Free Trade

• North American Free Trade Agreement

• New Agreement of Foreign Trade

• A type of currency

What is currency exchange?

• something with value

• different forms of currency

• money from one country must be converted into the currency of another country

What countries were involved in NAFTA?

• Canada, Mexico and the US

• Spain, France and Germany

• Mexico, Brazil and the US

What was the main goal of NAFTA?

• to increase trade between the three countries

• increase trade barriers

• to create a trade zone

What is voluntary trade?

• when different countries choose to engage in the exchange of goods with one another

• countries block trade with one another

• countries only trade with two countries

What is specialization?

• becoming an expert in what you do best

• an efficient way to work

• low cost

What does Mexico specializes in?

• automobile production

• oil production

• cattle, timber, coffee, sugar, soybeans, poultry, and citrus products