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WorksheetsCNBC explains tariffs
Total questions: 1
Worksheet time: 7mins
What is a tariff?
A type of umbrella
A type of watch
A type of shoe
A tax on items entering or leaving a country
Who collects the duties from tariffs in the United States?
Central Intelligence Agency
Internal Revenue Service
Federal Bureau of Investigation
U.S. Customs and Border Protection
What is the percentage of U.S. import duties compared to the total value of all imported goods?
1.4%
10%
20%
5%
Why are tariffs implemented?
To raise money and protect domestic industries
To reduce the cost of imported goods
To increase the trade deficit
To promote international cooperation
What is the estimated U.S.-China trade deficit?
$500 billion
$1 trillion
$100 billion
$370 billion
What do the majority of economists believe about import tariffs?
They would only harm China's economy
They would benefit the U.S. economy
They would do more harm to the U.S. economy than good
They would have no impact on the U.S. economy
What is the main reason President Trump wants to reduce the U.S.' trade deficit?
To increase the trade deficit with other countries
To reduce the size of the trade deficit with other countries
To maintain the current trade deficit
To eliminate the trade deficit completely
What was the direct impact of China's 25% tariff on U.S.-made airplanes?
An increase in Boeing's stock price
A hit to Boeing and a decrease in the company's stock price
An increase in U.S. airplane sales to China
No impact on Boeing
What is the purpose of tariffs on imported goods?
To promote international trade
To reduce the revenue of the U.S. Treasury
To make domestic products more competitive
To increase the cost of imported goods
How do tariffs affect consumers?
Tariffs have no impact on consumer prices
Tariffs lead to a decrease in taxes for consumers
Increased tariffs lead to lower prices for consumers
Increased tariffs lead to higher prices for consumers
