ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tariff
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Embargo
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Quota
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None of the above
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Detailed explanation-1: -Again on October 19, 1960, almost two years after the Cuban Revolution had led to the deposition of the Batista regime, the US placed an embargo on exports to Cuba except for food and medicine after Cuba nationalized the US-owned Cuban oil refineries without compensation.
Detailed explanation-2: -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-3: -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-4: -Afghanistan. Belarus. China. Crimea. Cuba. Eritrea. Iran. Myanmar. More items