ENTREPRENEURSHIP

Detailed explanation-1: -The most common barrier to trade is a tariff–a tax on imports. Tariffs raise the price of imported goods relative to domestic goods (good produced at home). Another common barrier to trade is a government subsidy to a particular domestic industry. Subsidies make those goods cheaper to produce than in foreign markets.

Detailed explanation-2: -Tariff barriers-Tariff barriers are taxes imposed by a government on imports or exports of goods. These taxes can be used to increase the cost of imported products, make inputs available to domestic producers at more competitive prices and raise revenues for governments.

Detailed explanation-3: -The main types of trade barriers used by countries seeking a protectionist policy or as a form of retaliatory trade barriers are subsidies, standardization, tariffs, quotas, and licenses.

Detailed explanation-4: -The correct answer is Trade Barrier. Tax on import is an example of a Trade Barrier. Trade barriers are restrictions induced by the government on international trade. The barriers can take many forms, including the following: Tariffs, Import quotas, Import licenses, etc.

Detailed explanation-5: -Answer: Tax on imports is known as a trade barrier because it increases the price of imported commodities.