Chapter 3 Test Review

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. What is this type of tax called?

• tariff

• quota

• embargo

• subsidy

In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico. What is this type of trade restriction called?

• tariff

• quota

• embargo

• subsidy

In 1962, the United States prohibited all imports and exports to and from Cuba.

• tariff

• quota

• embargo

• sanction

In 2006, the United Nations Security Council unanimously adopted a resolution to restrict the export to and the import from Iran on certain items and technology potentially related to nuclear weapons.

• tariff

• quota

• embargo

• subsidy

In 2010, China announced that it would impose and import a tax on American poultry of up 105.4%.

• tariff

• quota

• embargo

• sanction

In 2005, the United States limited the imports of Chinese textiles to 7.5% a year. What type of trade restriction is this an example of?

• tariff

• quota

• embargo

In 2012, the United States Commerce Department announced that it would impose a tax ranging from 2.9% to 4.7% on Chinese made solar panels. What is this type of tax called?

• tariff

• quota

• embargo

In June of 2013, the European Union decided to lift restrictions on the trade of weapons to Syrian rebels. What type of trade restriction was lifted?

• tariff

• quota

• embargo

In 1990, the Japanese Government announced it would extend its voluntary limit on automobile exports to the United States. What is this type of trade restriction called?

• tariff

• quota

• embargo

In 2011, the United States Department of Agriculture increased its annual sugar-import limit to 1.6 million tons for the year. What is this an example of?

• tariff

• quota

• embargo