Quiz on Tariffs and Trade Policy

What is a tariff?

• Tax on imports/exports

• Fee to workers

• Tax on domestic goods

• Subsidy for exports

How do tariffs protect U.S. businesses?

• Lower cost of foreign goods

• Make imports expensive, encouraging domestic buying

• Ban international trade

• Create trade agreements

What is trade policy?

• Rules for trade between countries

• Tax on domestic goods

• Ban on foreign goods

• National wage law

Difference between tariffs and trade policy?

• Tariffs are taxes, trade policy is broader rules

• Trade policy is taxes, tariffs are unrelated

• Tariffs control domestic trade

• No difference

What was NAFTA?

• Trade agreement between North American countries

• Tax on European goods

• Ban on Asian imports

• Domestic trade policy

What is NAFTA?

• Free trade agreement between U.S., Canada, and Mexico

• Treaty to impose tariffs on Europe

• Policy banning Cuban imports

• Environmental agreement

What is USMCA?

• Updated trade agreement replacing NAFTA

• Trade policy banning imports from Asia

• Military alliance treaty

• Law restricting international travel

How does USMCA differ from NAFTA?

• USMCA updates labor, environmental, and trade rules

• USMCA bans all tariffs

• USMCA eliminates trade with Canada

• No difference

What was the U.S. policy toward Cuba during the Cold War?

• Cuba embargo, banning trade

• Free trade agreement

• Policy promoting U.S. investments

• Regulating Cuban exports

Purpose of the Cuba embargo?

• Promote democracy and punish communism

• Support Cuban businesses

• Encourage tourism in Cuba

• Increase Cuban exports