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WorksheetsSS7E2, SS7E5, SS7E8: Voluntary Trade
Total questions: 15
Worksheet time: 5mins
Name
Class
Date
1.
Tax on imported goods is ___________
a)
a tariff
b)
a quota
c)
an embargo
d)
the reason we can't have nice things
2.
A limit on imported goods is _____________________
a)
a tariff
b)
a quota
c)
an embargo
d)
a lemonade stand
3.
When we completely stop trading with another country, it's called ____________________
a)
a tariff
b)
a quota
c)
an embargo
d)
a hissy fit
4.
In 1962, the United States prohibited (stop) all imports and exports to and from Cuba. This is an example of a(n) _______.
a)
Tariff
b)
Embargo
c)
Quota
d)
Entrepreneur
5.
In 2010, China announced that it would impose an import tax on American poultry of up 105.4 percent. This is an
a)
Tariff
b)
Embargo
c)
Quota
6.
Why is a system of currency exchange necessary for international trade?
a)
Nearly all world currencies are worthless on the world market
b)
Those buying goods on the world market only accept payment in gold and silver
c)
Most goods bought on the international market must be bought and paid for using United States dollars only
d)
There must be a way to pay for goods purchased from countries with different types of currencies due to Nationalism
7.
What is the definition of economic specialization?
a)
Producing all goods and services needed for a country’s growth, so that trade with other countries is not needed.
b)
Producing those goods a country can make easily so they can trade them for goods made by others that cannot be produced locally
c)
Directly swapping goods from one country to another withouthaving to use money
d)
Trying to avoid investing in industry and technology because ofthe expense involved.
8.
In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico.
a)
Tariff
b)
Quota
c)
Embargo
9.
In 2006, the United Nations passed a Resolution that prohibits states from directly or indirectly supplying North Korea with conventional weapons (battle tanks, artillery, aircraft, missiles, etc.)
a)
Tariff
b)
Embargo
c)
Quota
10.
Company XYZ produces cheese in Scotland and exports the cheese, which costs $100 per pound, to the U.S. A 20% tax would require company XYZ to pay the United States government $20 to export the cheese
a)
Tariff
b)
Embargo
c)
Quota
11.
In 2011, the United States Department of Agriculture increased its annual sugar-import limit to 1.6 million tons for the year.
a)
Tariff
b)
Embargo
c)
Quota
12.
People must depend on other people to get things they want.
a)
Interdependence
b)
Shortage
c)
Trade
d)
Specialization
13.
Government policies that restrict or stop the flow of goods and services among countries.
a)
Trade
b)
Shortage
c)
Trade Barrier
d)
Scarcity
14.
Trading without anyone forcing you to do so.
a)
Voluntary Trade
b)
Embargo
c)
Trade Barrier
d)
Import
15.
Why would a country impose a tariff or quota on imported goods?
a)
to raise the price of imported goods and encourage people to buy local
b)
to raise the price of imported goods to help other countries make more money
c)
to be mean
d)
to help the country of the imported goods make a larger profit
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