Specialization
Trade
Trade Barriers
Mixed
True/False
100
What is specialization?
A country focuses on one major thing to produce
100
Trade helps the.....
Economy
100
What's a tariff?
A tax on imports
100
The IMF stands for International Monetary ______?
Fund
100
Trade barriers can be physical (mountains, oceans, etc.)
True
200
Why do countries use specialization?
It is more effective/efficient for the producing country
200
Trade can be hard for ........... countries
Undeveloped
200
What's an embargo?
Forbids trade with another country
200
Tariffs among African countries are as high as ___%
17
200
Trading with neighbor countries costs more money
False
300
Specialization increases what?
Trade
300
The IMF is trying to ......... trade between African countries
Encourage
300
What's a quota?
A limit on how much you can import
300
What is the purpose of the International Monetary Fund (IMF)?
To boost trade among African countries
300
Many African countries have placed high tariffs on imports going to other African countries
True
400
Do countries that export their specialty items price them low or high?
Low
400
Why do countries trade?
No country has all of the supplies they need
400
Why do countries place trade barriers?
To stop/discourage/slow down trade
400
Voluntary trade is when both sides/countries expect to ______ from the trade
Gain/benefit
400
Specialization makes producing products more expensive
False
500
Specialization helps who? How?
The producing country because they are able to make products more efficiently and for less money
500
ECOWAS is making improvements in Africa's _________
Infrastructure
500
Give a scenario of why a country would place an embargo on another country
Conflict, war, or to have power over them (won't undo embargo unless the opposing country does what they say)
500
Undeveloped countries have a hard time _________ goods
Manufacturing
500
The ECOWAS stands for Economic Community of West American States
False
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