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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
tariff
B
treaty
C
embargo
D
quota
2) A tax on imports is called
A
tariff.
B
a quota.
C
an embargo.
D
a sale.
3) 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 tells people how much their currency is worth in other countries.
D
It only allows trade among countries that border each other.
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
Trade of products made in their country for needed goods so currency is not needed.
B
Use of a world-wide currency.
C
A system to exchange currency between countries.
D
Trading with countries that only use the same currency.
5) The U.S. refusal to sell weapons to Sudan is an example of
A
a tariff.
B
an embargo.
C
a quota.
D
a sale.
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
end apartheid
B
eliminate trade barriers
C
increase tariffs on farm products
D
reduce environmental laws
7) 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
setting import quotas for member nations.
C
removing trade barriers between nations.
D
imposing embargoes on each other.
8) What is one important benefit of the currency exchange rate?
A
It acts as a trade barrier.
B
It eliminates embargoes between countries.
C
It stays the same from day to day.
D
It makes international trade possible.
9) A ban on trade with a certain country is called
A
a free trade agreement.
B
an embargo.
C
a tariff.
D
a quota.
10) Which is the BEST description of “specialization”?
A
Each country produces the goods it is able to make most efficiently.
B
Each country’s currency has a different value.
C
Each country sets laws about what can be imported.
D
Each country makes all the goods it needs.
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 is no longer an important tool in international trade.
C
It tells you how much your currency is worth in countries using different currencies.
D
It remains the same from day to day.
12) What is the purpose of a currency exchange rate?
A
It acts as a barrier between countries that want to trade.
B
It enables trade between countries that have different currencies.
C
It puts an end to trade barriers.
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
an embargo.
B
a free trade agreement.
C
a tariff.
D
a quota.
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
government instability
B
institution of a command economy
C
tightening of foreign investment rules
D
reduction in tariffs
16) Algeria makes nearly all of its export earnings from oil and gas. This is an example of
A
a trade barrier.
B
a quota.
C
currency integration.
D
specialization.
17) When a country charges a tax on imported goods, this is known as
A
an embargo.
B
a tariff.
C
a sanction.
D
a quota.
18) Saudi Arabia specializes in the production and export of
A
wheat.
B
computers.
C
oil.
D
cars.
19) Why would one country place an embargo another?
A
Lack of natural resources
B
Distance
C
Lack of transportation
D
Political differences
20) Which explains the primary function of the Organization of Petroleum Exporting Countries (OPEC)
A
OPEC is responsible for organizing trade routes to trace oil as it is shipped around the world.
B
The members are mainly responsible for setting the amount of oil produced and exported.
C
They are the countries that establish how oil is to be used around the world.
D
Only members of OPEC may export oil to other countries.
*select an answer for all questions
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