Trade Section Flashcards
1
Q
What is tariff?
A
Tariff is a tax applied on imported good and services. They restrict trade because they raise price and cost of imported goods and services.
2
Q
What is meant by trade?
A
The exchange of goods and services between nations
3
Q
Who do we import from and export to?
A
China
4
Q
What goods and services do we import and export?
A
Iron Coal Gold Educational services Personal travel services
