Voluntary Trade CLOZE notes 2

Israel's government could protect the country's rug manufacturers by ________________________________ Turkish rugs imported per year

allowing only 1500

After Iraq invaded Kuwait, the United Nations placed an _______________________ on Iraq, only allowing it to export enough oil to buy its citizens food

embargo

Tariffs are taxes imposed on _________________.

imported goods

Quotas are __________________________ on the amount of a good that can be imported into a country

limits

Saudi Arabia and Egypt have recently __________________________ on food imports to help citizens cope with rapidly increasing food prices

lowered tariffs

Tariffs cause the consumer to ________________________________ for an imported item, thus increasing the demand for a lower priced item produced domestically

pay a higher price

Embargoes are another _______________________ to trade

political barrier

In an embargo, nations ___________________________ with a country at all

refuse to trade

Quotas can cause shortages which causes prices to ______________

rise

After the 9/11 attacks, the UN placed an embargo on Afghanistan and members could not ________________________ to the country

sell weapons

The US has had several embargoes with Iran over the past 20 years because of Iran's involvement with _____________________

terrorism