18.3 Econ

The most commonly used barrier to free trade is

a tariff

complete restriction on the import or export of a particular good

embargo

An embargo is often used

for political reasons.

restriction imposed on the number of units of a particular good that can be imported

import quota

Which of the following is a regional trade agreement that made the euro a common currency among most of its members?

EU

people who argue for trade restrictions

protectionists

tax on imports used to raise the cost of imported goods and protect domestic producers

protective tariff

which of the following represents a protectionist view?

restrict world trade

Those in favor of world trade believe that competition

results in improved products.

tax on imports used primarily to raise government revenue without restricting imports

revenue tariff