Section 2

Question 0

Quota

Answer 0

Is a limit on the amount of a product that can be imported.

Question 1

Trade barrier

Answer 1

Is any law that limits free trade between nations.

Question 2

Dumping

Answer 2

Is the sale of a product in another country at a price lower than in the home market.

Question 3

Tariff

Answer 3

Is a fee charged for goods brought into one country from another.

Question 4

Revenue tariff

Answer 4

Is a tax levied on imports specifically to raise money.

Question 5

Protective tariff

Answer 5

Is a tax on imported goods to protect domestic goods.

Question 6

Voluntary export restraint (VER)

Answer 6

Is a country’s self-imposed restriction on exports.

Question 7

Embargo

Answer 7

Is a law that cuts off trade with a specific country.

Question 8

Trade war

Answer 8

Succession of increasing trade barriers between nations.

Question 9

Protectionism

Answer 9

Is the use of trade barriers between nations to protect domestic industries.

Question 10

Infant industries

Answer 10

Are new industries that are often unable to compete against larger, more established competitors.