Trade Regulations and Economic Concepts

What is a tariff?

• A good

• A service

• A tax

• A blocker

Why set a quota?

• To increase competition among users.
• To limit access to resources for certain groups.
• To create unnecessary bureaucracy.
• To manage resources and ensure fair distribution.

What is a trade barrier?

• A trade barrier is a form of international cooperation.
• A trade barrier is a restriction on international trade.
• A trade barrier is a method of increasing exports.
• A trade barrier is a type of currency exchange.

What is an embargo

• An embargo is a trade restriction imposed by a government.
• A method of increasing trade tariffs
• A legal agreement between two countries
• A type of government subsidy

What are embargos often used for?

• To promote international cooperation.
• To increase trade tariffs.
• To enhance diplomatic relations.
• To restrict trade and exert economic pressure.

Where does Canada specialize in?

• Natural resources and technology
• Automotive and textiles
• Tourism and hospitality
• Agriculture and fashion

What is the USMCA?

• A new political party in the US
• A military alliance between North America countries
• A cultural exchange program among the three countries
• The USMCA is a trade agreement between the United States, Mexico, and Canada.

What is placed on goods?

• Embargo

• Quata

• Trade barriers

• Tariff

What does an Embargo ban on?

• An embargo allows free trade with all countries.
• An embargo is a type of tax on imports.
• An embargo bans trade or commerce with a specific country or the exchange of specific goods.
• An embargo promotes the exchange of cultural goods.

What sets a limit on the quantity of a good that can be imported?

• Tariffs on imported goods
• Subsidies for domestic production
• Consumer preferences for local products
• Import quotas or trade regulations.