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
What are tariffs in foreign trade?
Taxes imposed on imported goods
Restrictions on the quantity of imports
Bans on trade with specific countries
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
What are embargoes and trade sanctions?
Taxes imposed on imported goods
Restrictions on the quantity of imports
Restrictions on trade with specific countries
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
What is the purpose of trade agreements?
Reduce or eliminate trade restrictions
Increase tariffs on imported goods
Impose import quotas on specific products
Explain the difference between tariffs and import quotas in foreign trade.
Tariffs are taxes imposed on imported goods, increasing their price. Import quotas, on the other hand, restrict the quantity of specific goods that can be imported into a country.
Describe one example of a non-tariff barrier in foreign trade.
One example of a non-tariff barrier is product testing and certification requirements, where imported goods must meet certain technical standards and undergo testing to ensure safety and quality compliance.