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6 Nov 2021
Problem 21
Page 830
Section: REVIEW QUESTIONS
Chapter 34: Globalization and Protectionism
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6 Nov 2021
Introduction
Import quotas are a type of quantified barrier to trade in which the government limits the amount of an item that may be imported in order to protect home manufacturers from global competitors.
Tariff barriers are levies levied on purchased products, causing their market price to rise when they are freely accessible to end-users.
Non-tariff obstacles are various ways for a country to raise the market rate of imported products by enacting regulations, laws, and documentation.
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