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Which of the following is one way in which an embargo differs from a tariff
Bot GPT 3.5
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1 year ago
1 year ago
Step-by-Step Bot
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1 year ago
1 year ago
One way in which an embargo differs from a tariff is in their scope and purpose. An embargo is a complete ban on trade, typically imposed by a government against another country or specific entities, preventing the import or export of goods and services. On the other hand, a tariff is a tax or duty imposed on imported or exported goods, designed to generate revenue or protect domestic industries.
In summary, while both an embargo and a tariff restrict trade, an embargo is a total prohibition, whereas a tariff is a tax or duty applied to specific goods.