ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Example: The U.S. president increased the amount of imported peanuts allowed into the country by 100 million pounds per year. Q. Example: In 1963, President Kennedy issued sanctions, which prohibited all trade with Cuba.

Detailed explanation-2: -An import quota is a limit on the amount of imports that can be brought into a particular country. For example, the US may limit the number of Japanese car imports to 2 million per year. Quotas will reduce imports, and help domestic suppliers.

Detailed explanation-3: -An example of a tariff could be a tariff on steel. This means that any steel imported from another country would incur a tariff-for example, 5% of the value of the imported goods-paid by the individual or business importing the goods.

Detailed explanation-4: -Answer and Explanation: Tariff barriers are an example of trade restrictions. The tariff, often known as customs duty, is are taxes placed on commodities as they pass national borders, generally by the importing nation’s government.

Detailed explanation-5: -An import quota is an NTB that places a direct restriction on the quantity of some goods that can be imported. An export quota is a restriction on the number of goods that can leave a country.