SSC MTS EXAM

Detailed explanation-1: -Summary. An embargo is a government restriction placed on the importation or export of goods, services, or currency to another state. Embargoes are most often directed at a state, a country, or a group of countries. Embargoes can take several forms, such as political, trade, and those that are environmental in nature.

Detailed explanation-2: -Trade barriers are government-induced restrictions on international trade. According to the theory of comparative advantage, trade barriers are detrimental to the world economy and decrease overall economic efficiency.

Detailed explanation-3: -An insurance embargo is a restriction applied by an insurer with regard to accepting new insurance policies in certain geographic areas or for specific risks for specific periods of time.