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Tariffs and Quotas: Effects on Imported Goods and Domestic Prices

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A _____ is a tax imposed by the government on imports coming into a country.

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1. A _____ sets a numerical limit on how much of a product can be imported into a country.

2. How do quotas and tariffs impact the supply of goods available to consumers and domestic prices in general?

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About This Quiz & Worksheet

Taking a look at how a country can protect its own business from other competitors, this quiz and corresponding worksheet will help you gauge your knowledge of the effects of tariffs and quotas on imports and prices. Topics you'll need to know to pass the quiz include definitions of tariffs and quotas.

Quiz & Worksheet Goals

Take the quiz to test your knowledge of the following:

  • Definitions of tariff and quota
  • Effect of quotas and tariffs on supply of goods and domestic prices
  • Impacts and benefits of tariffs and quotas

Skills Practiced

  • Interpreting information - verify you can read information regarding the impacts of tariffs and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the related tariff and quota lesson
  • Knowledge application - use your knowledge to answer questions about the benefits of tariffs and quotas

Additional Learning

To learn more, review the corresponding lesson called Tariffs and Quotas: Effects on Imported Goods and Domestic Prices. This lesson will help you:

  • Understand what tariffs and quotas are
  • Describe why a government would impose tariffs and quotas on goods
  • Explain the consequences of using these economic tools
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