ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In February 1962, President John F. Kennedy proclaimed an embargo on trade between the United States and Cuba, in response to certain actions taken by the Cuban Government, and directed the Departments of Commerce and the Treasury to implement the embargo, which remains in place today.

Detailed explanation-2: -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-3: -Border blockades, demonstrations or attacks on trucks can create major obstacles to trade and cause serious economic loses. These physical barriers to trade do not stem from national technical regulations, but from the actions of individuals or national authorities.

Detailed explanation-4: -Explanation: Option C I.e Tax on imports is the correct answer. The tax which is lieved on the foreign goods at their entry in a country is referred to as Import Tax or tax on imports. It is thus one of the example of trade barrier as it hampers the trade between the countries or states.

Detailed explanation-5: -The United States Embargo of 1807 involved a series of laws passed by the US Congress (1806–1808) during the second term of President Thomas Jefferson. The United States embargo against Cuba began on March 14, 1958, during the overthrow of dictator Fulgencio Batista by Fidel Castro during the Cuban Revolution. More items