ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -The main types of trade barriers used by countries seeking a protectionist policy or as a form of retaliatory trade barriers are subsidies, standardization, tariffs, quotas, and licenses.

Detailed explanation-3: -Barriers to Trade: Quotas Import quotas are a tool the government uses to target the quantity imported of a particular good. In other words, when import quotas are applied, there is only a certain amount of quantity of a good allowed to enter the domestic market.

Detailed explanation-4: -A quota is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.