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International Trade Summative Flashcards | StudBud
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International Trade Summative
International Trade Summative
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Answers
1
Choose two examples of benefits of International Trade:
Customers enjoy products that are not available domestically
Cheese costs rise
Products are available for less money
Inflation rises to 23%
2
Three benefits of free trade are:
lower prices
increased access to US and international markets
a sense of self isolation
more job creation
3
Which is NOT a trade barrier?
embargo
alliance
quota
tariff
4
What is an example of a subsidy?
payments given to home owners for putting on solar panels
building solar panels in China
limits on solar panels at Home Depot
taxes on purchasing solar panels
5
What is an exchange rate?
a trade agreement
a tariff
a trade embargo
the value of one currency to another
6
The World Trade Organization
helps struggling nations produce rice
controls all milk production in Greece
offers advice in starting banking services
draws up and enforces international trade agreements
7
Exchange Rates...
help countries set up trade with each other
None of these are correct
are taxes on items made of cotton
Tell us how well a person can read
8
Example of a tariff
Limit Chinese toys coming into the country
Tell the Chinese what toys we want in this country
Restrict Chinese toys coming into the country
Tax Chinese toys coming into the country
9
A negative impact of Protectionism is
It can make the US vulnerable to cyber attacks
It may reduce the impact of global warming
It can raise the prices of consumer goods
It can cause heart attacks
10
Which is not an embargo
refusing to trade with Iran
free trade with France
not allowing trade with Syria
banning trade with North Korea
11
What is a trade barrier?
Restiction on Tik Tok
Restriction on goods leaving or entering the country
The seal BP used to stop the oil spill
The wall built after Katrina hit
12
What is a quota?
A law preventing net neutrality
A declaration of war on Iran
A limit of goods that can be imported into a country.
A test on the sugar levels in soda
13
Which one is a trade barrier
interest rate
stock exchange
income statement
embargo
14
What is an example of a quota?
The U.S government placing higher taxes on imports
The U.S government placing higher taxes on exports
The U.S government mandating businesses to report salaries
The U.S government mandating a certain number of exports
15
Trade barriers usually have what impact on the price of domestic goods?
Prices go down
Prices are not affected by trade barriers
Prices go up
Prices stay the same
16
What is a tariff?
A quota on what the US can import.
A farming subsidy
a license to make cheese
A tax on imports.
17
Benefits of Free trade
More effecient and productive businesses
More jobs
All of the above
Opens up new markets
18
An example of a TARIFF is...
Tax placed on foreign cars coming into the USA
A refusal to contact the Federal Reserve
Stop trading with another country
Bank loans on the number of foreign cars in the USA
19
What is international trade?
When countries compete in sports to see who is the best.
When countries swap their languages so everyone can speak the same
When countries buy and sell goods and services from each other
A type of game where countries trade their flags and national anthems
20
What is an embargo?
Only trade with that country
An alliance
Ban on trade with another country
Creating new borders withing the United States
21
What is most often the impact of tariffs?
the successful protection of domestic jobs
an increase in costs for consumers
an sabilization in trade with Mexico and Colombia
a decrease in costs for consumers
22
What is free trade?
When producers pay very high tariffs
The removal of tariffs, quotas and subsidies.
When the price of oil doubles due to a quota
Selling a limited number of war bonds
23
Which is not an example of a tariff?
Quotas
Excise Tax
Sales Tax
Income Tax
24
What are tariffs, quotas, and embargo’s examples of?
Globalization
Trade barriers
Free trade
Exchange rates
25
What is the impact of quotas for domestic customers?
price rise
less competitors
price decrease
more suppliers enter the market
26
What is a subsidy?
A government payment to encourage economic activity
The amount of money required to start a business
Ben Cox
A type of tax bracket
27
Examples of barriers to International Trade are...
Globalization
Cultural Extinction
Cultural Diffusion
Tariffs and import/export licenses.
28
What is "specialization"?
limiting the amount of cheese in GA
not allowing cows to free roam
taxing imported goods
focusing on one or two products to raise quality/lower price
29
What is protectionism?
Any policy that restricts international trade
Quotas
Tariffs
Any policy that makes trade between countries easier
30
What is the role of the World Trade Organization?
Have free trade between all 50 states
Ensure developing countries get more cheese
Create a fight club to settle trade disputes
Deals with rules of trade between nations
