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 down 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: -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)
Detailed explanation-3: -TANC classifies foreign trade barriers within four broad types: Border Barriers, Technical Barriers to Trade, Government Influence Barriers, and Business Environment Barriers.
Detailed explanation-4: -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-5: -Tariffs are a tax on imports. Quotas are a limit on the number of a certain good that can be imported from a certain country. Embargoes occur when one country bans trade with another country. More items