Match the term to its correct definition. Column A 1. 2. 3. 5. a tax on imported goods Limits the quantity of a product that can be legally imported into a country. Elimination of trade with people and businesses in a particular country Policies that restrict the sale of products that do not meet certain requirements set by the Government Governments provide industries with money in order to lower their production costs Column B a. embargo b. subsidies c. quotas d. tariff e. standards

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
Problem 7PA
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Match the term to its correct definition.
Column A
1.
2
3.
4
5.
a tax on imported goods
Limits the quantity of a product that can be
legally imported into a country.
Elimination of trade with people and businesses
in a particular country
Policies that restrict the sale of products that do
not meet certain requirements set by the
Government
Governments provide industries with money in
order to lower their production costs
Column B
a. embargo
b. subsidies
c. quotas
d. tariff
e. standards
Transcribed Image Text:Match the term to its correct definition. Column A 1. 2 3. 4 5. a tax on imported goods Limits the quantity of a product that can be legally imported into a country. Elimination of trade with people and businesses in a particular country Policies that restrict the sale of products that do not meet certain requirements set by the Government Governments provide industries with money in order to lower their production costs Column B a. embargo b. subsidies c. quotas d. tariff e. standards
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