Question
Give two examples of trade barriers.
Answers
GPT-4o mini
Two examples of trade barriers are:
1. **Tariffs**: These are taxes imposed by a government on imported goods. Tariffs increase the cost of foreign products, making them less competitive compared to domestic goods. This can protect local industries from foreign competition but may lead to higher prices for consumers.
2. **Quotas**: These are limits set by a government on the quantity of a particular good that can be imported or exported during a specific time period. Quotas restrict supply, which can help protect domestic producers but may also result in shortages or higher prices for consumers.
1. **Tariffs**: These are taxes imposed by a government on imported goods. Tariffs increase the cost of foreign products, making them less competitive compared to domestic goods. This can protect local industries from foreign competition but may lead to higher prices for consumers.
2. **Quotas**: These are limits set by a government on the quantity of a particular good that can be imported or exported during a specific time period. Quotas restrict supply, which can help protect domestic producers but may also result in shortages or higher prices for consumers.