Trade Barriers: Impacts on Prices & Demand

Instructions:

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

question 1 of 3

Define protectionism.

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1. Identify the scenario where there is NO embargo.

2. _____ is an amount of money paid directly to domestic producers to make them more competitive with foreign imports.

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About This Quiz & Worksheet

The imposition of trade barriers on the sale of goods between countries can be done in numerous methods and have different results. This quiz and worksheet combination will test you on examples of these barriers and their potential effects.

Quiz & Worksheet Goals

You will be quizzed on:

  • How trade barriers impact price
  • The impact of these barriers on supply
  • The definition of a quota
  • An example of trade barriers on the automobile industry

Skills Practiced

This quiz will give you an opportunity to practice these study skills:

  • Critical thinking - apply relevant concepts to determine which listed example is not an embargo
  • Information recall - access the knowledge you've gained regarding the definition of a quota
  • Knowledge application - use your knowledge to answer questions about the impact of trade barriers on price and supply

Additional Learning

Learn more about this topic by studying the accompanying lesson, Trade Barriers: Impact on Prices & Demand. This lesson will focus on the following objectives:

  • Address the general purpose of a trade barrier
  • Define mercantilism and protectionism
  • Understand the role of licenses and quotas as trade barriers
  • Review monetary trade barriers and embargoes
  • Detail the results of these barriers on price and supply
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