WORLD HISTORY

Detailed explanation-1: -Quotas are import limits that prevent more than a set amount of a specific good from being imported into a country. An embargo is a ban on the trade of a particular good, category of good, or with a specific country.

Detailed explanation-2: -Trade barriers provide many benefits: • They protect homeland industries from competition. They protects jobs. They help provide extra income for the government. They increase the number of goods people can choose from.

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: -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.