barriers to trade and protectionism Flashcards
1
Q
what is trade protection?
A
by deliberately attempting to limit the amount of imports and exports by putting up barriers to trade
2
Q
what does protectionism prevent?
A
free trade
3
Q
what is the most common barrier to trade?
A
a tariff
4
Q
what are tariffs?
A
putting taxes on imports
5
Q
why is protectionism still practiced?
A
for countries to protect their established or emerging industries
6
Q
what is a non tariff barrier?
A
rules on the quality of product coming in
7
Q
what is an embargo?
A
a partial or complete prohibition of trade with a particular country
8
Q
what country has the us got an embargo with?
A
cuba
due to political reasons
