ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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embargo
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quota
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tariff
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None of the above
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Detailed explanation-1: -The United States embargo against Cuba prevents U.S. businesses, and businesses organized under U.S. law or majority-owned by U.S. citizens, from conducting trade with Cuban interests. It is the most enduring trade embargo in modern history.
Detailed explanation-2: -The United States maintains a comprehensive economic embargo on the Republic of Cuba.
Detailed explanation-3: -U.S. diplomatic representation in Cuba is handled by the United States Embassy in Havana, and there is a similar Cuban Embassy in Washington, D.C. The United States, however, continues to maintain its commercial, economic, and financial embargo, making it illegal for U.S. corporations to do business with Cuba.
Detailed explanation-4: -Most economic transactions are prohibited, unless otherwise authorized by OFAC. Criminal penalties for violation of these sanctions range up to 10 years in prison, $1 million in corporate fines and $250, 000 in individual fines.
Detailed explanation-5: -An embargo (from the Spanish embargo, meaning hindrance, obstruction, etc. in a general sense, a trading ban in trade terminology and literally “distraint” in juridic parlance) is the partial or complete prohibition of commerce and trade with a particular country/state or a group of countries.