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Which type of trade barrier completely prohibits imports once a certain limit has been reached?
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9. International Trade
Exporting and Importing
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Which term describes a ban or restriction on trade with another country?
A
Embargo
B
Quota
C
Subsidy
D
Tariff
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Understand the key terms related to international trade restrictions: an embargo, quota, subsidy, and tariff.
Define an embargo as a government-imposed ban or restriction on trade with a specific country, often for political or economic reasons.
Recognize that a quota limits the quantity of a good that can be imported or exported but does not completely ban trade.
Know that a subsidy is a financial aid provided by the government to support domestic producers, not a trade restriction.
Identify that a tariff is a tax imposed on imported goods, increasing their price but not banning trade entirely.
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