Introduction to Business

Section 2: Global Competition

Self-Checks

1
Protectionism is the practice of the government putting ______ on foreign trade to protect businesses at home.
A)embargos
B)quotas
C)limits
D)tariffs
2
A quota is an example of a(n) ______ .
A)embargo
B)trade barrier
C)tariff
D)trade alliance
3
______ occurs when there are few or no limits on trade between countries.
A)Free trade
B)Limited competition
C)Globalization
D)Protectionism
4
In a trade alliance, several countries merge their economies into one huge ______ .
A)corporation
B)market
C)enterprise
D)venture
5
______ usually are used for political or military reasons.
A)Embargos
B)Trade barriers
C)Tariffs
D)Quotas
6
NAFTA combines the economies of the United States, Mexico, and ______ .
A)Africa
B)Latin America
C)Canada
D)South America
7
When talking about trade disputes, protectionism and free trade represent points ______ of view.
A)controversial
B)opposing
C)identical
D)similar
8
A quota limits the quantities of a product that can be ______ .
A)exported
B)produced
C)imported
D)sold
9
A(n) ______ is a tax placed on imports.
A)embargo
B)quota
C)levy
D)tariff
10
______ is not an example of a trade alliance.
A)ASEAN
B)NAFTA
C)EU
D)NATO
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