Question

[14] A total ban on trade in a particular good with another country is: A) a...

[14] A total ban on trade in a particular good with another country is:

A) a tariff.

B) a quota.

C) an embargo.

D) a trade subsidy.

[15] You would expect free, or unrestricted, international trade to:

A) limit the sizes of markets in which goods are bought and sold.

B) reduce competition in markets where goods are traded internationally.

C) reduce the possibilities for specialization in the use of factors of production.

D) reduce the prices of traded goods below what they would be with trade restriction

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Answer #1
14) A total ban on trade in a particular good with another country is a quota.
Countries impose quotas on specific products to reduce imports and increase domestic production.
Quotas usually boost domestic production by restricting foreign competition.
B) a quota.
15) D) reduce the prices of traded goods below what they would be with trade restriction.
Free trade usually allows more production of a good. When the supply of the good increases in relation to the demand
the price decreases.
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