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SS7E6abcd/E9abc-Trade Barriers
Test Description: Trade Barriers
Instructions: Answer all questions to get your test result.
1) 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
tariff
C
treaty
D
quota
2) A tax on imports is called
A
a sale.
B
tariff.
C
an embargo.
D
a quota.
3) Which statement BEST describes how the currency exchange helps international trade?
A
It is easy to use because it never changes.
B
It acts as a trade barrier between nations.
C
It only allows trade among countries that border each other.
D
It tells people how much their currency is worth in other countries.
4) 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
A system to exchange currency between countries.
B
Trading with countries that only use the same currency.
C
Trade of products made in their country for needed goods so currency is not needed.
D
Use of a world-wide currency.
5) The U.S. refusal to sell weapons to Sudan is an example of
A
a tariff.
B
an embargo.
C
a sale.
D
a quota.
6) 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
eliminate trade barriers
B
reduce environmental laws
C
increase tariffs on farm products
D
end apartheid
7) Members of the African Union (AU) hope to increase trade in Africa. One way they hope to achieve this goal is by
A
imposing embargoes on each other.
B
removing trade barriers between nations.
C
setting import quotas for member nations.
D
increasing tariffs on farm products.
8) What is one important benefit of the currency exchange rate?
A
It makes international trade possible.
B
It stays the same from day to day.
C
It eliminates embargoes between countries.
D
It acts as a trade barrier.
9) A ban on trade with a certain country is called
A
a quota.
B
an embargo.
C
a tariff.
D
a free trade agreement.
10) Which is the BEST description of “specialization”?
A
Each country produces the goods it is able to make most efficiently.
B
Each country makes all the goods it needs.
C
Each country sets laws about what can be imported.
D
Each country’s currency has a different value.
11) Which of the following is true of the currency exchange rate?
A
It is only used by countries in Asia and Africa.
B
It tells you how much your currency is worth in countries using different currencies.
C
It is no longer an important tool in international trade.
D
It remains the same from day to day.
12) What is the purpose of a currency exchange rate?
A
It enables trade between countries that have different currencies.
B
It puts an end to trade barriers.
C
It acts as a barrier between countries that want to trade.
D
It increases the gross domestic product for one country while lowering it for another.
13) During the years of apartheid, some African nations refused to buy products from South Africa. This was an example of
A
a free trade agreement.
B
an embargo.
C
a quota.
D
a tariff.
14) Nigeria makes 80% of its export earnings from the sale of oil and gas. This is an example of
A
specialization.
B
nationalism.
C
entrepreneurship.
D
an embargo.
15) Which of the following is NOT a trade barrier?
A
tightening of foreign investment rules
B
reduction in tariffs
C
government instability
D
institution of a command economy
16) Algeria makes nearly all of its export earnings from oil and gas. This is an example of
A
currency integration.
B
specialization.
C
a quota.
D
a trade barrier.
17) When a country charges a tax on imported goods, this is known as
A
a sanction.
B
an embargo.
C
a tariff.
D
a quota.
18) Saudi Arabia specializes in the production and export of
A
oil.
B
computers.
C
wheat.
D
cars.
19) Why would one country place an embargo another?
A
Lack of natural resources
B
Lack of transportation
C
Distance
D
Political differences
20) Which explains the primary function of the Organization of Petroleum Exporting Countries (OPEC)
A
The members are mainly responsible for setting the amount of oil produced and exported.
B
They are the countries that establish how oil is to be used around the world.
C
OPEC is responsible for organizing trade routes to trace oil as it is shipped around the world.
D
Only members of OPEC may export oil to other countries.
*select an answer for all questions
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