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Barriers To Trade Quiz 1 (30 MCQs)

Quiz Instructions

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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. In 2006, the United Nations Security Council unanimously adopted a resolution to restrict the export to and the import from Iran on certain items and technology potentially related to nuclear weapons. This is an example of which trade barrier?
3. One benefit of ..... is that it drives up the prices of foreign goods and makes local goods more affordable.
4. An economy where production, investments, and manufacturing are based on supply and demand.
5. Spain charges an extra tax on imported clothing.
6. A trade barrier that taxes certain imported or exported goods is the definition to what term below?
7. 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?
8. The rate at which one currency is exchanged for another-this is the definition for what term below?
9. What is an import?
10. An economic system that is controlled by the government matches what term below?
11. What is an Embargo?
12. Why do countries use tariffs and quotas?
13. Which trade barrier limits the amount (quantity) of a good that can be imported?
14. People focus on producing a few things instead of making everything they want by themselves is called .....
15. Panama added a new tax on all sugar products from Columbia. What trade barrier is this an example of?
16. ASEAN is a trade bloc made of southeastern ..... nations.
17. A new tax is added to pharmaceutical imports from the United Kingdom.
18. Brazil is building new factories and using new technology. These are examples of:
19. ..... are used to protect domestic consumers from unsafe products.
20. In 2010, Mexico imposed a limit of 250, 000 tons of sugar that could be imported into Mexico. This is a(n) .....
21. If you wanted to keep a dangerous product out of your country, what type of economic trade barrier could you use?
22. In general, what effect does a quota have on the prices of comparable goods in the domestic market?
23. Used to be a main source of income for the government. Now only a small percentage.
24. In 2010, China placed a tax on imported American poultry of up to 105.4%. This is an example of which trade barrier?
25. A tax on imported goods is .....
26. What is the agreement between Mexico, Canada, and the United States that eliminated most trade barriers and increased trade?
27. An economic system that is based off of customs and beliefs is called what term below?
28. Which of the following in a PHYSICAL trade barrier?
29. To concentrate on and become an expert in a particular area
30. The main justification for an embargo on foreign goods is to
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