ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This is the process of prohibiting commerce and trade with another country. This is often done to affect the country to change an internal policy.
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This is the practice of goods being traded between countries without any (or with reduced) tariffs that might slow down trade.
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This is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
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This is a tax on imported goods and is usually designed to protect domestic production of similar goods.
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Detailed explanation-1: -tariff, also called customs duty, tax levied upon goods as they cross national boundaries, usually by the government of the importing country. The words tariff, duty, and customs can be used interchangeably.
Detailed explanation-2: -A tariff or duty (the words are used interchangeably) is a tax levied by governments on the value including freight and insurance of imported products.
Detailed explanation-3: -A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.
Detailed explanation-4: -Customs duties on merchandise imports are called tariffs. Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenues for governments.
Detailed explanation-5: -These include specific tariffs, ad valorem tariffs, compound tariffs, tariff-rate quotas, and retaliatory tariffs. A specific tariff is a tax imposed directly onto one imported good and does not depend on the value of that imported good.