Font size
WorksheetsTrade
Total questions: 10
Worksheet time: 5mins
What is a likely result of increasing tariffs?
Increased competition
Higher prices
Greater innovation
More choice for consumers
What is the word for a tax on imports?
Tariff
Quota
Voluntary export restraint
Embargo
A country might increase tariffs for all of the following reasons EXCEPT
Shelter young industries and companies
National security
Lower prices
Protect American jobs
What is free trade?
Trade reflects the impact of
specialisation and exchange rates
This is international trade free from
artificial barriers such as import tariffs,
quotas and other trade barriers
This is international trade with artificial barriers such as import tariffs, quotas and other trade barriers
Why is Trade important for Developing Countries?
A source of foreign currency to help a nation’s balance of payments
An important way of financing imports of essential imports of capital equipment / technologies and energy supplies
A decrease of demand as withdrawal from the circular flow of income and spending + creating negative export multiplier effects
Rising prices for consumers helps to increase real incomes e.g. by opening up monopoly suppliers of energy to new competition
A tariff is
a specific number of imports allowed.
a cash grant or loan from the government to support the business.
an official ban on trade.
a tax on imports.
A subsidy is
a cash grant or loan from the government to support the business.
a law that promotes safety.
a tax on imports.
a specific number of imports allowed.
An embargo is
a tax on imports.
a cash grant or loan from the government to support the business.
an official ban on trade.
a specific number of imports allowed.
A quota is
an official ban on trade.
a limit on or a specific number of imports allowed.
a law that promotes safety.
a tax on imports.
An import is
producing certain goods very well and for a reduced cost.
items sold to other countries.
dependence on others to get products you do not produce and needing to purchase items from them.
items purchased from other countries. Goods come into the USA.
