AnswersGA-GSE Personal Finance and EconomicsTrade Barriers

Trade Barriers Answers

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1
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How are subsidies similar to tariffs?

B
Both are types of taxes.
B
Both aim to lower the price of domestic goods.
B
Both are types of tax breaks and financial assistance.
B
Both allow domestic goods to compete against foreign goods.
2
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Which type of trade barrier is explicitly used for political purposes?

s
standards
e
embargoes
q
quotas
t
tariffs
3

What do quotas and embargoes have in common?

A
They both tend to raise prices.
B
They both affect imports from certain countries.
C
They both set limits on imported goods.
D
They both frequently result in domestic shortages.
4

most

b
by depriving domestic producers of needed goods, restricting their ability to trade
b
by helping international producers fill a market void, decreasing domestic trade
b
by preventing domestic producers from trading needed goods with all countries
b
by encouraging international producers to sell new goods for lower prices than domestic goods
5

How do quotas help domestic producers?

Q
Quotas facilitate increased exports of domestic goods.
Q
Quotas lower the cost of domestic goods.
Q
Quotas limit the number of producers that compete in a sector.
Q
Quotas facilitate the sale of more domestic goods.
6

Which type of incentive makes it more profitable to follow a certain course of action?

Answer not available
7

What is the government’s aim in setting quotas?

t
to create more competition in the market
t
to increase sales of domestic goods
t
to keep tariffs high
t
to limit export of domestic goods
8

On which country has the United States imposed an embargo since 1960?

C
Cuba
I
Iran
N
North Korea
S
Syria
9

Which best describes why countries establish limits on international trade? Choose three answers.to force domestic industries to sell higher quality goodsto restrict foreign influence in a sectorto restrict importation of a foreign goodto lower the price of foreign goodsto punish other countries

A
to force domestic industries to sell higher quality goods
B
to restrict foreign influence in a sector
C
to restrict importation of a foreign good
D
to lower the price of foreign goods
E
to punish other countries
10

Which of these is a positive incentive for domestic producers?

a
a subsidy on imported cars
a
a tariff on cars
a
a subsidy on domestic oranges
a
a tariff on clothes
11

What term describes a ban or restriction on trade with another country?

Answer not available
12

Which best describes how standards help domestic producers?

A
Standards require goods to meet basic requirements.
B
Standards provide financial support for producers.
C
Standards restrict the import of cheap goods.
D
Standards offer incentives to ensure high quality.
13

Which best describes the standards required of foreign producers?

A
Foreign producers have more stringent standards than domestic producers.
B
Foreign producers must meet the same standards as domestic producers.
C
Foreign producers must meet specific standards based on their origin.
D
Foreign producers do not use standards that harm consumers.

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