ECONOMICS
BARRIERS TO TRADE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
The United States and Cuba grew closer economically.
|
|
|
The economies of both the United States and Cuba suffered.
|
|
|
All trade between Cuba and the United States became illegal.
|
|
|
Cubans were forced to pay a fee to trade with the United States.
|
Detailed explanation-1: -Economic effects. The U.S. sanctions on Cuba and their economic impacts can be traced back to when they were first implemented in the 1960s. In its 2020 report to the United Nations, Cuba stated that the total cost to Cuba from the United States embargo is $144 billion since its inception.
Detailed explanation-2: -The U.S. motive for imposing an embargo on Cuba was the widespread nationalization of U.S. industries and companies by Castro with Agrarian Reform Act. This embargo economically hindered Cuba and deprived American citizens of Cuban goods.
Detailed explanation-3: -In February 1962, President John F. Kennedy proclaimed an embargo on trade between the United States and Cuba, in response to certain actions taken by the Cuban Government, and directed the Departments of Commerce and the Treasury to implement the embargo, which remains in place today.
Detailed explanation-4: -Foreign investment and trade Cuba’s primary import partner is Venezuela. The second-largest trade partner is Canada, with a 22% share of the Cuban export market.
Detailed explanation-5: -Since the mid-1990s, United Nations Security Council (UNSC) sanctions have tended to target individuals and entities, in contrast to the comprehensive embargoes of earlier decades. An embargo is similar, but usually implies a more severe sanction.