5. Some barriers to international trade are; ( ) or taxes on imported goods whic

Question

5. Some barriers to international trade are; ( ) or taxes on imported goods which increase the price and thereby decrease demand for the product. ( ) are limits a government might put on the number of products that are allowed in, which limit the market for exporters. ( ) are outright bans on specific imports or export products or countries.

The global economy has many potential negative impacts on the United States. Which of the following does NOT describe a negative impact?

A) tariffs, import quotas, embargoes

B) import quotas, embargoes, tariffs

C) import quotas, tariffs, embargoes

D) tariffs, embargoes, import quotas

6. Each of the following activities is considered both illegal and unethical EXCEPT which?

A) consumer fraud

B) cash payments to avoid taxes

C) cancelling a company retirement plan

D) embezzlement

7. Which of the following is subject to formalized enforcement by a controlling authority?

A) laws

B) ethics

C) morals

D) values

8. What would be considered the most "personal" driver of appropriate behavior?

A) laws

B) values

C) ethics

D) corporate social responsibility

Explanation / Answer

5. The correct answer is option A.

Tariff refers to tax that are imposed by the countries on the import of foreign products. Tariff barriers on trade are used to protect domestic products against foreign products.

Import Quotas - this refers to trade restriction imposed by the government by limiting the number or monetary value of the imported goods during particular time period.

Embargoes - refers to the partial or permanent restriction of trade with particular country or group of countries.

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