ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A limit on the amount of foreign goods that can come into a country.
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Anything that slows downs or prevents one country from exchanging goods with another.
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A tax placed on goods when they are brought into one country from another country.
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Products a country makes best that are demand on the world market.
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Detailed explanation-1: -The most direct barrier to trade is an embargo– a blockade or political agreement that limits a foreign country’s ability to export or import. Embargoes still exist, but they are difficult to enforce and are not common except in situations of war. The most common barrier to trade is a tariff–a tax on imports.
Detailed explanation-2: -Trade barriers are legal measures put into place primarily to protect a nation’s home economy. They typically reduce the quantity of goods and services that can be imported.
Detailed explanation-3: -The effects of trade barriers can obstruct free trade, favor rich countries, limit choice of products, raise prices, lower net income, reduce employment, and lower economic output. The law is most commonly used as a trade barrier due to the significant control the government has over it.
Detailed explanation-4: -10 February 2020. Trade barriers refer to the obstacles that are put in place by governments to limit free trade between national economies. Trade barriers are thus essentially interventions in markets that happen to operate internationally.
Detailed explanation-5: -Embargoes block all trade with another nation. An embargo may be employed for safety reasons, but is more frequently used to punish rogue states (US embargo against Cuba)