Tariffs/restrictions in foreign trade. - SS1 Commerce Past Questions and Answers - page 1
What are tariffs in foreign trade?
Taxes imposed on imported goods
Restrictions on the quantity of imports
Bans on trade with specific countries
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What are tariffs in foreign trade?
Taxes imposed on imported goods
Restrictions on the quantity of imports
Bans on trade with specific countries
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What do import quotas aim to do?
Reduce the price of imported goods
Promote fair competition in domestic industries
Encourage foreign investment in the country
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What are embargoes and trade sanctions?
Taxes imposed on imported goods
Restrictions on the quantity of imports
Restrictions on trade with specific countries
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What are non-tariff barriers in foreign trade?
Taxes imposed on imported goods
Restrictions on the quantity of imports
Diverse measures other than tariffs that impede trade
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What is the purpose of trade agreements?
Reduce or eliminate trade restrictions
Increase tariffs on imported goods
Impose import quotas on specific products
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Explain the difference between tariffs and import quotas in foreign trade.
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Describe one example of a non-tariff barrier in foreign trade.
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