WorksheetsTrade Barrier Scenarios
Total questions: 31
Worksheet time: 17mins
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.
tariff
embargo
quota
subsidy
U.S. State Department officials confirm that the current administration has decided to continue the prohibition of all U.S. trade with Cuba.
embargo
quota
tariff
subsidy
True or False: An embargo is meant to increase the amount of trade between two countries.
True
False
In 2010, China placed a tax on imported American poultry of up to 105.4%. This is an example of a:
tariff
embargo
market
quota
Which might make an embargo against a country successful?
The citizens in the country suffer because of the embargo and demand a change from their government.
People in the country are not affected by the embargo.
Merchants are able to continue doing business.
The country does not need to trade with other countries.
Japanese auto firms agree to limits set in Washington D.C., on the # of Japanese cars that may be sold in the U.S.
quota
tariff
embargo
standard
In 1962, the United States prohibited all imports and exports to and from Cuba.
embargo
tariff
quota
standard
How do trade barriers affect a country's economy?
Trade barriers increase the amount of traded goods.
Trade barriers make trade easier among countries.
Trade barriers make people better off in that country
Trade barriers increase the cost of traded goods.
Which effect is the MOST LIKELY result of a free trade agreement between countries?
decreased trade
traded goods and services
agreed taxes
increased trade
Which U.S. trade policy would encourage imports of foreign cars?
raising production standards
increasing tariffs on imports
removing quotas on imports
increasing export subsidies
What would be the MOST LIKELY effect to these industries if other countries placed tariffs on these U.S. products?
These industries would stop production.
These industries would increase their profits
Prices for these goods would stay the same.
Jobs in these industries would decrease.
“The U.S. government places a tax on all imported cars.” Who Benefits?
foreign consumer
domestic producer
domestic consumer
foreign producer
Which event would MOST LIKELY cause a decrease in the market price for cherries?
Consumer Demand for Cherries Goes Up
Frost Destroys Cherry Blossoms
Disease Damages 20% of Cherry Trees
Michigan Cherry Production Increases 47%
Which trade restriction might Japan use to improve its economy?
increase taxes on imports
establish a trade embargo
increase quotas on imports
increase taxes on exports
“The U.S. government limits the amount of sugar imported into the U.S. by 1 ton per year.” Who loses?
foreign consumer
domestic consumer
domestic producer
foreign producer
Trade of goods without being forced to do so
scarcity
voluntary exchange
interdependence
coercion
People rely on multiple groups of people to get the resources that they want and need.
independence
dependence
interdependence
multidependence
The condition of not being able to get all the goods & services one wants. It exists because human demand for goods & services exceed the quantity of goods & services that can be produced using all the available resources.
scarcity
surplus
coercion
voluntary exchange
Foreign goods and services purchased from sellers in other nations
imports
exports
Domestic goods and services sold to buyers in other nations
imports
exports
Exchanging goods, services, or for other goods, services, or resources; or for money
trade
exports
imports
globalization
Used to produce or provide a good or service (i.e. land, labor capital goods)
productive resources
unproductive resources
things & stuff
tools/technology
When people or nations produce a smaller amount of goods and services than they consume
productive resources
voluntary exchange
exports
specialization
Goods and services produced in a country outside of one's home country
Foreign goods
Domestic goods
Imports
Exports
The total dollar amount of all final goods and services produced in a country in a year.
Gross Domestic Product (GDP)
Gross Domestic Product per Capita
Standard of Living
Exports
The total dollar amount of all final goods and services produced in a country in a year divided by the country's population.
Gross Domestic Product (GDP)
Gross Domestic Product per Capita
Standard of Living
Scarcity
The amount of goods and services available per person in an economy.
GDP
Specialization
Standard of Living
Interdependence
