What is the general term that describes any government policy or regulation that restricts international trade?

• Trade barriers

• Protectionism

• Tariffs

• Non-trade barriers

Why do most countries have trade restrictions?

• To increase world output

• To protect local products from foreign competition

• To promote international cooperation

• To reduce trade imbalances

What are the two main tools of protectionism policy?

• Tariff barriers and non-trade barriers

• Specific tariffs and ad valorem tariffs

• Protection of domestic industries and revenue generation

• Trade volume reduction and price increases for consumers

What is the purpose of tariffs?

• To protect domestic industries

• To generate government revenue

• To correct trade imbalances

• All of the above

Which type of tariff is imposed based on the value of the import?

• Specific tariffs

• Ad valorem tariffs

• Compound tariffs

• Mixed tariffs

What is the historical perspective of tariffs?

• Tariffs have been a common feature of international trade for centuries

• Tariffs were introduced after World War II

• Tariffs have been eliminated in recent decades

• Tariffs are a recent phenomenon

What organization succeeded the General Agreement on Tariffs and Trade (GATT)?

• World Trade Organization (WTO)

• European Single Market

• North American Free Trade Agreement (NAFTA)

• Uruguay Round

What are the pros of tariff reductions?

• Boost global trade

• Lower consumer prices

• Promote economic growth

• All of the above

What factors can influence tariff trends?

• Political factors

• Economic factors

• Changes in leadership

• All of the above

What factors can influence tariff trends?

• Political factors

• Economic factors

• Changes in leadership

• All of the above