SS7E6abcd/E9abc-Trade Barriers: Question Preview (ID: 23726)


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Which explains the primary function of the Organization of Petroleum Exporting Countries (OPEC)
a) They are the countries that establish how oil is to be used around the world. b) Only members of OPEC may export oil to other countries. c) The members are mainly responsible for setting the amount of oil produced and exported. d) OPEC is responsible for organizing trade routes to trace oil as it is shipped around the world.
Saudi Arabia specializes in the production and export of
a) cars. b) computers. c) wheat. d) oil.
Why would one country place an embargo another?
a) Political differences b) Lack of natural resources c) Lack of transportation d) Distance
Algeria makes nearly all of its export earnings from oil and gas. This is an example of
a) specialization. b) a trade barrier. c) currency integration. d) a quota.
Nigeria makes 80% of its export earnings from the sale of oil and gas. This is an example of
a) an embargo. b) entrepreneurship. c) nationalism. d) specialization.
Which of the following is NOT a trade barrier?
a) government instability b) reduction in tariffs c) tightening of foreign investment rules d) institution of a command economy
During the years of apartheid, some African nations refused to buy products from South Africa. This was an example of
a) an embargo. b) a quota. c) a tariff. d) a free trade agreement.
What is the purpose of a currency exchange rate?
a) It increases the gross domestic product for one country while lowering it for another. b) It acts as a barrier between countries that want to trade. c) It enables trade between countries that have different currencies. d) It puts an end to trade barriers.
When a country charges a tax on imported goods, this is known as
a) a tariff. b) an embargo. c) a quota. d) a sanction.
Which of the following is true of the currency exchange rate?
a) It is only used by countries in Asia and Africa. b) It is no longer an important tool in international trade. c) It remains the same from day to day. d) It tells you how much your currency is worth in countries using different currencies.
A ban on trade with a certain country is called
a) a quota. b) an embargo. c) a tariff. d) a free trade agreement.
Which is the BEST description of “specialization”?
a) Each country sets laws about what can be imported. b) Each country’s currency has a different value. c) Each country produces the goods it is able to make most efficiently. d) Each country makes all the goods it needs.
What is one important benefit of the currency exchange rate?
a) It makes international trade possible. b) It acts as a trade barrier. c) It eliminates embargoes between countries. d) It stays the same from day to day.
Members of the African Union (AU) hope to increase trade in Africa. One way they hope to achieve this goal is by
a) increasing tariffs on farm products. b) removing trade barriers between nations. c) setting import quotas for member nations. d) imposing embargoes on each other.
Members of the African Union (AU) believe that more trade can help Africa’s economies grow. Which of the following is a main goal of the African Union?
a) end apartheid b) reduce environmental laws c) eliminate trade barriers d) increase tariffs on farm products
The U.S. refusal to sell weapons to Sudan is an example of
a) a quota. b) a tariff. c) an embargo. d) a sale.
Most African nations depend on foreign trade with many nations to provide things which are not made in their country. Which of these makes foreign trade with many nations easier?
a) Use of a world-wide currency. b) A system to exchange currency between countries. c) Trading with countries that only use the same currency. d) Trade of products made in their country for needed goods so currency is not needed.
Which statement BEST describes how the currency exchange helps international trade?
a) It acts as a trade barrier between nations. b) It is easy to use because it never changes. c) It only allows trade among countries that border each other. d) It tells people how much their currency is worth in other countries.
Nigeria has a new industry that builds tractors for agriculture. To protect this new industry from competition by lower priced foreign built tractors the Nigerian government would use what type of economic trade barrier to raise the price of imported
a) embargo b) quota c) tariff d) treaty
A tax on imports is called
a) a quota. b) tariff. c) an embargo. d) a sale.
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