Trade
Types of Economic Barriers
Tariff
Quota
Regulation
?
Embargo
Which outcome is a drawback of Treaties such as the North American Free Trade Agreement
A. Increased safety regulations
B. job loss in domestic industries
C. Higher wages for low-skill workers
D. reduced innovation among entrepreneurs
B. job loss in domestic industries
What is it called when a country puts a limit on what it can import?
A. Tariffs
B. Embargo
C. Quota
D. Regulations
C. Quota
The United States trades automobiles to Canada with worrying about tarrifs is Free Trade
Some Companies pay coffee farmers in Colombia living wages so they can support their families is Fair Trade
So which one describes Protectionism
A. Sweden increases its specialization
B. Japan keeps sales taxes low for consumers
C. Cuba reduces the use of scarce natural resources
D. Russia prevents problems resulting from foreign competition
D. Russia prevents problems resulting from foreign competition
Regulations also are referred to as ?, or anything besides a tax that restricts trade.
A. taxes
B. non-tariff barriers
C. Quotas
D. restrictions
B. non-tariff barriers
What is missing? Benefits of Trade, Larger markets, Job growth. Is it?
A. Protection of domestic industries
B. Reduced taxation of consumers
C. Increased production efficiency
D. Natural resource conservation
C. Increased production efficiency
What is missing, Founding of the WTO, Formation of the European Union, Signing of the NAFTA
A. Acceptance of Protectionism
B. Increasing Pace of Globalization
C. Inflated prices of Consumer Goods
D. Advances of Fair-Trade Doctrine
B. Increasing Pace of Globalization
Double Jeopardy
Which country is
Not totally isolated but under heavy sanctions from Western countries.
Why: Nuclear program and human rights concerns.
Workarounds: Trades with allies like China, Russia, and some regional partners.
Iran
The United States responds to North Korea Human Rights violations with an embargo is a form of what?
A. Fair Trade
B. Free Trade
C. Protectionism
A. Fair Trade
Which situation is most likely to increase the value of Venezuelan currency in relation to the U.S. Dollar?
A. Venezuela places new tariffs on U.S. goods
B. Venezuela's economy experiences a period of growth.
C. More Venezuelan tourists leave the country for their vacations.
D. Many Venezuelan workers migrate to the United States to earn higher wages.
B. Venezuela's economy experiences a period of growth.
Which word best replaces the question mark
Trade, Climate, ?, =Specialization
A. Democracy
B. Resources
C. Wealth
D. Tariffs
B. Resources
Which sentence describes a criticism of the World Trade Organization (WTO)?
A. It raises prices by promoting protectionist policies
B. It promotes free trade mainly to benefit wealthy nations.
C. It leads nations to use economic embargoes more often.
D. It hurts small businesses by blocking fair trade practices
C. Increased production efficiency
Which statement explains the most likely cause of the action
IF the United States Imposes Trade Embargo on Iran, is it
A. The United States exports more to Iran than it imports
B. Iran wants to prevent manufacturing jobs from shifting to the United States
C. The United States objects to the way the government of Iran treats its citizens
D. Iran has an abundant supply of resources the United States uses for its domestic industries.
C. The United States objects to the way the government of Iran treats its citizens
Mexico, The United States and Canada use what kind of trade?
Free trade
As of April 2025, the United States has imposed tariffs totaling 145% on which countries imports.
A. Russia
B. China
C. Mexico
D. Iran
D.
B. China
Double Jepoardy
This country is known for imposing high tariffs on imported goods, particularly in industries like agriculture and manufacturing, in an effort to protect local jobs and industries. It famously applied such tariffs in the 1980s and 1990s on Japanese automobiles.
UNITED STATES
What is NAFTA?
A. North Amercian Fuel Trade Agreement
B. North Amercian Fair Trade Agreement
C. North Amercian Fossel Trade Agreement
D. North American Free Trade Agreement
D. North Amercian Free Trade Agreement
In 2014 alone, more than ? in agricultural goods were exported.
A. $500 million
B. $1.5 million
C. $150 billion
D. $360 trillion
C. $150 billion
Double Jeopardy
This East Asian country follows a philosophy of self-reliance known as Juche and has extremely limited trade, with China being one of its only major partners.
North Korea
The United States, Mexico and Canada are part of what agreement?
A. WTO
B. NAFTA
C. UNITED NATIONS
D. EUROPEAN NATIONS
B. NAFTA or the North Amercian Free Trade Agreement
The United States has a 100 percent tariff rate on French chocolate. This makes it difficult for French chocolate companies to compete with U.S. chocolate companies because the tax makes the price for French chocolate too high for American consumers.
This is a form of?
A. Protectionism
B. Free Trade
C. Fair Trade
D. Embargo
A. Protectionism
The mining and sale of diamonds in some parts of Africa occasionally has contributed to wars. These diamonds are called conflict diamonds. Which orginazation put a stop to this.
A. NAFTA
B. World Trade Organizations
C. United Nations
D. European Union
C. UNITED NATIONS
It is estimated that importing goods translates to annual savings of about ? per U.S. household. In 2014, the United States imported about $111.7 billion in agricultural goods. Is it
A. $100,000
B.$5,000
C. $50,000
D. $10,000
D. $10,000
After the 1959 revolution in Cuba, the new leader of Cuba, Fidel Castro, made the move to nationalize all U.S. businesses on the island. The businesses were taken over by the Cuban government, and the owners were not paid. In response, the United States imposed an ?
A. Quota
B. Restrictions
C. Embargo
D. Tariffs
C. Embargo
Country M has a largely agricultural economy and an inefficient manufacturing sector. It exports large amounts of food crops and imports most of the consumer goods that its citizens purchase.
Which statement explains why trade is advantageous for Country M?
A. Country M does not have to rely on other countries to ensure that its citizens have a sufficient food supply.
B. Workers in Country M ear higher wages than they would if they worked in factories producing consumer goods.
C. The government of Country M is able to collect most of its tax revenue by charging high tariffs on imported products.
D. Consumer in Country M can purchase consumer goods that are cheaper and of high quality than domestically made products.
D. Consumer in Country M can purchase consumer goods that are cheaper and of high quality than domestically made products.