Economic Systems & Trade

Front

A barrier is meant to

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block or slow down trade

Front

If a country limits the amount of an imported good, they are using a

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quota

Front

When a country refuses to trade with others it is participating in a trade ______

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embargo

Front

A tariff is a ______

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tax placed on imported goods

Front

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. This is a(n)...

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Tariff

Front

In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico. This is a(n)...

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Quota

Front

In 1962, the United States prohibited all imports and exports to and from Cuba. This is a(n)...

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Embargo

Front

The US bans beef imports from Canada after a Mad Cow Disease outbreak there. This is an example of which type of barrier to trade? Options: Standards, Quota, Subsidy, Tariff

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Standards

Front

How do trade barriers affect a country's economy?

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Trade barriers increase the cost of traded goods.

Front

“The U.S. government places a tax on all imported cars.” Who Benefits? Options: foreign consumer, domestic producer, domestic consumer, foreign producer

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domestic producer