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Barriers To Trade Quiz 1 (25 MCQs)

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1. There are 4 basic factors that influence economic growth in any part of the world. They include human capital, natural resources, entrepreneurship and _____
2. One benefit of _____ is that it drives up the prices of foreign goods and makes local goods more affordable.
3. An economy where production, investments, and manufacturing are based on supply and demand.
4. Spain charges an extra tax on imported clothing.
5. A trade barrier that taxes certain imported or exported goods is the definition to what term below?
6. In 2010, Mexico imposed a limit of 250, 000 tons of sugar that could be imported into Mexico. This is an example of which trade barrier?
7. The rate at which one currency is exchanged for another-this is the definition for what term below?
8. An economic system that is controlled by the government matches what term below?
9. Why do countries use tariffs and quotas?
10. Which trade barrier limits the amount (quantity) of a good that can be imported?
11. People focus on producing a few things instead of making everything they want by themselves is called _____
12. Panama added a new tax on all sugar products from Columbia. What trade barrier is this an example of?
13. A new tax is added to pharmaceutical imports from the United Kingdom.
14. Brazil is building new factories and using new technology. These are examples of:
15. _____ are used to protect domestic consumers from unsafe products.
16. In 2010, Mexico imposed a limit of 250, 000 tons of sugar that could be imported into Mexico. This is a(n) _____
17. If you wanted to keep a dangerous product out of your country, what type of economic trade barrier could you use?
18. In general, what effect does a quota have on the prices of comparable goods in the domestic market?
19. Used to be a main source of income for the government. Now only a small percentage.
20. A tax on imported goods is _____
21. What is the agreement between Mexico, Canada, and the United States that eliminated most trade barriers and increased trade?
22. An economic system that is based off of customs and beliefs is called what term below?
23. Which of the following in a PHYSICAL trade barrier?
24. To concentrate on and become an expert in a particular area
25. Argentina increased taxes to 9% on the import of milk powder after record levels of imports and fears Argentina farmers would suffer falling incomes. This is a(n) _____
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