This quiz works best with JavaScript enabled. Home > Economics > International > Trade > Barriers To Trade – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Barriers To Trade Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How do tariffs protect domestic producers? A) By increasing the price of foreign competitors' products. B) By helping domestic producers access foreign markets. C) By reducing the cost of domestic resources. D) By improving the efficiency of domestic production. Show Answer Correct Answer: A) By increasing the price of foreign competitors' products. 2. In 1962, the United States prohibited all imports and exports to and from Cuba. This is a(n) ..... A) Tariff. B) Quota. C) Embargo. D) None of above. Show Answer Correct Answer: C) Embargo. 3. Most European countries are what type of economy? A) Mostly traditional with some government involvement. B) Mostly market with little government involvement. C) Mostly mixed with some government regulation of industry. D) Mostly command with little private citizen involvement. Show Answer Correct Answer: C) Mostly mixed with some government regulation of industry. 4. Which U.S. trade policy would encourage imports of foreign cars? A) Raising production standards. B) Increasing tariffs on imports. C) Removing quotas on imports. D) Increasing export subsidies. Show Answer Correct Answer: C) Removing quotas on imports. 5. Japan mainly produces electronics & automobiles. This is an example of: A) Exchange rate. B) Interdependence. C) Specialization. D) Trade barrier. Show Answer Correct Answer: C) Specialization. 6. Free trade means A) The countries use the same currency. B) No trade barriers. C) There is a quota on some goods. D) Trade is quick and easy. Show Answer Correct Answer: B) No trade barriers. 7. In 2010, China placed a tax on imported American poultry of up to 105.4%. This is an example of a A) Market. B) Quota. C) Embargo. D) Tariff. Show Answer Correct Answer: D) Tariff. 8. What what was the original purpose of the EU? A) To set up free trade among member countries. B) To promote religious freedom and the appreciation of culture. C) To create one government for all European countries. D) To increase economic competition between European countries. Show Answer Correct Answer: A) To set up free trade among member countries. 9. Which of the following nations is NOT included in NAFTA? A) Canada. B) England. C) Mexico. D) United States. Show Answer Correct Answer: B) England. 10. The combination of a command and a market economy is ..... A) Mixed economy. B) Command economy. C) Market economy. D) Monopoly. Show Answer Correct Answer: A) Mixed economy. 11. This type of economy is heavily built on subsistence agriculture. A) Command. B) Traditional. C) Market (demand). D) Mixed. Show Answer Correct Answer: B) Traditional. 12. Business (run by private citizens) determine what goods/services are produced and how they will be made. A) Market. B) Command. C) Traditional. D) Mixed. Show Answer Correct Answer: A) Market. 13. What is a Quota? A) There is no such thing as a Quota. B) When different countries learn different quotes from each other in exchange for money. C) When you sell only a little amount of something. D) A limit on how of much something can be sold. Show Answer Correct Answer: D) A limit on how of much something can be sold. 14. NAFTA was signed by the three countries in A) 1994. B) 2004. C) 1984. D) 2014. Show Answer Correct Answer: A) 1994. 15. Government payments to exporters. This payment helps reduce an exporter's cost of production. A) Subsidies. B) Quotas. C) Tariffs. D) Standards. Show Answer Correct Answer: A) Subsidies. 16. How do quotas protect domestic producers? A) By increasing production costs for foreign producers. B) By decreasing the amount of foreign goods in domestic markets. C) By decreasing production costs for domestic producers. D) By increasing the amount of domestic goods in foreign markets. Show Answer Correct Answer: B) By decreasing the amount of foreign goods in domestic markets. 17. Which Communist Latin American Country is now opening up to tourism? A) Brazil. B) Venezuela. C) Mexico. D) Cuba. Show Answer Correct Answer: D) Cuba. 18. A tariff is a ..... A) Tax placed on imported goods. B) A limit placed on imported goods. C) A stop of all trade. D) None of above. Show Answer Correct Answer: A) Tax placed on imported goods. 19. Which European country currently has the strongest economy? A) Russia. B) Ukraine. C) Germany. D) France. Show Answer Correct Answer: C) Germany. 20. The United State prohibits all trade with Cuba. This is an example of the following trade barrier: A) Embargo. B) NAFTA. C) Quota. D) TARIFF. Show Answer Correct Answer: A) Embargo. 21. Goods and services produced in a country outside of one's home country A) Imports. B) Foreign goods. C) Exports. D) Domestic goods. Show Answer Correct Answer: B) Foreign goods. 22. Cuba enforced a limit of knit fabric imports from China. This is an example of what type of trade barrier? A) Tariff. B) Quota. C) Embargo. D) None of above. Show Answer Correct Answer: B) Quota. 23. One benefit of ..... is that it protects locals from cheaper foreign goods. A) Tariff. B) Quota. C) Embargo. D) None of above. Show Answer Correct Answer: B) Quota. 24. The EU sets rules/laws that its members must follow. Which country has decided they do not want to have these rules for their country? A) Germany. B) United Kingdom. C) France. D) Belgium. Show Answer Correct Answer: B) United Kingdom. 25. Why do some economies in the Middle East use parts of a traditional economy? A) The climate is suited to traditional jobs. B) Countries in the Middle East can't use technology due to religion. C) No company will invest in the Middle East. D) Some countries do not use money. Show Answer Correct Answer: A) The climate is suited to traditional jobs. 26. What are some examples of trade barriers? A) Blocking, ignoring, taxing. B) There are more than 3 examples. C) There are less than 3/no examples. D) Tariffs/taxes, quotas, embargoes. Show Answer Correct Answer: D) Tariffs/taxes, quotas, embargoes. 27. A tariff is when a ..... is put on an imported good A) Tax. B) Limit. C) Block. D) None of above. Show Answer Correct Answer: A) Tax. 28. What is the purpose of monetary exchange rates? A) To compare the value of different types of goods. B) To help determine whether to impose a barrier to trade. C) To compare the value of different types of currency. D) To help determine which resources should be conserved. Show Answer Correct Answer: C) To compare the value of different types of currency. 29. In 1990, the Japanese Government announced it would extend its voluntary limit on automobile exports to the United States. This is an example of which trade barrier? A) Tariff. B) Embargo. C) Quota. D) None of above. Show Answer Correct Answer: C) Quota. 30. In 1962, the United States prohibited all imports and exports to and from Cuba. This is an example of which trade barrier? A) Tariff. B) Embargo. C) Quota. D) None of above. Show Answer Correct Answer: B) Embargo. ← PreviousNext →Related QuizzesInternational QuizzesEconomics QuizzesBarriers To Trade Quiz 1Barriers To Trade Quiz 2Barriers To Trade Quiz 3Barriers To Trade Quiz 4Barriers To Trade Quiz 6Barriers To Trade Quiz 7Barriers To Trade Quiz 8Balance Of Trade Quiz 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books