ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Introduction. Mercosur, or the Southern Common Market, is an economic and political bloc originally comprising Argentina, Brazil, Paraguay, and Uruguay.

Detailed explanation-2: -Trade barriers include tariffs (taxes) on imports (and occasionally exports) and non-tariff barriers to trade such as import quotas, subsidies to domestic industry, embargoes on trade with particular countries (usually for geopolitical reasons), and licenses to import goods into the economy.

Detailed explanation-3: -U.S. companies also cite high tariffs, an uncertain customs system, high and unpredictable tax burdens, and an overburdened legal system as major hurdles to doing business in Brazil.

Detailed explanation-4: -The correct answer is Trade Barrier. Tax on import is an example of a Trade Barrier. Trade barriers are restrictions induced by the government on international trade. The barriers can take many forms, including the following: Tariffs, Import quotas, Import licenses, etc.