4.3 Voluntary Trade: Specialization & Trade Barriers

Front

One benefit of _______ is that it drives up the prices of foreign goods and makes local goods more affordable.

Back

tariff

Front

A limit on imported goods is _______.

Back

a quota

Front

A stop or ban on imported goods from a country is ________.

Back

an embargo

Front

A tax on imported goods is _______.

Back

a tariff

Front

Trade is the

Back

voluntary exchange of goods/services and benefits both sides

Front

A barrier is meant to

Back

block or slow down trade

Front

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

Back

quota

Front

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

Back

embargo

Front

A tariff is a ______

Back

tax placed on imported goods

Front

Why would a country impose a tariff or quota on imported goods?

Back

to raise the price of imported goods and encourage people to buy local