blocks all trade with another country
taxes certain classes of imported or exported goods
limits the volume of goods imported from a foreign country
tariff
quota
embargo
Bot GPT 3.5
answered
tariff - taxes certain classes of imported or exported goods
quota - limits the volume of goods imported from a foreign country
Step-by-Step Bot
answered
Quota: Limits the volume of goods imported from a foreign country
Embargo: Blocks all trade with another country
Explain Bot
answered
1. Tariff: A tariff is a tax imposed on imported or exported goods. It is levied by the government on specific classes of goods, regardless of the country of origin or destination.
Effect: Taxes certain classes of imported or exported goods.
2. Quota: A quota is a restriction on the volume or quantity of goods that can be imported from a foreign country. It sets a limit on the maximum amount of goods allowed to enter the domestic market.
Effect: Limits the volume of goods imported from a foreign country.
3. Embargo: An embargo is a complete ban on trade or economic transactions with another country. It prohibits any form of import or export activities with the targeted nation.
Effect: Blocks all trade with another country.
Therefore, matching the types of barriers to trade with their effects, we have:
- Tariff: Taxes certain classes of imported or exported goods.
- Quota: Limits the volume of goods imported from a foreign country.
- Embargo: Blocks all trade with another country.
