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Barriers To Trade Quiz 9 (20 MCQs)

Quiz Instructions

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1. Preventing a foreign product or service from freely entering a nation's territory. This is a definition of .....
2. Company XYZ produces cheese in Scotland and exports the cheese, which costs $ 100 per pound, to the U.S. A 20% tax would require company XYZ to pay the United States government $ 20 to export the cheese. This is an example of which trade barrier?
3. Free enterprise and no government regulation on the economy
4. If a country produces one product at a fast pace and can do what they do best and trade for the rest, this is called what?
5. What is the currency of MOST EU countries?
6. When supply goes up and demand is low, prices go .....
7. Formed to accelerate economic growth, social progress, and cultural development and to promote peace and security in Southeast Asia.
8. What type of economy do most democratic societies have today?
9. GDP (Gross Domestic Product) is the total market value of goods and ..... produced by a country's economy in a year. It is used to determine the health of a country's .....
10. What does a trade barrier do?
11. ..... creates a smarter & more productive workforce and leads to greater economic growth.
12. A tariff is
13. If a country limits the amount of an imported good, they are using a
14. The European Union places a block on all oil imports from Syria.
15. The condition of not being able to get all the goods & services one wants. It exists because human demand for goods & services exceed the quantity of goods & services that can be produced using all the available resources.
16. The UK limits the amount of imported clocks.
17. To engage in the exchange, purchase, or sale of goods
18. This form of government is elected by the people and all are eligible to vote
19. Government payments to a local supplier to reduce the supplier costs. This helps local businesses survive because it is getting direct aid from the federal government. What is this called?
20. Trade of goods without being forced to do so
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