Identify the four basic types of trade barriers and describe each of them.

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The Answer is The four types of trade barriers are tariffs (revenue tariffs and protective tariffs), import quotas, nontariff barriers, and voluntary export restrictions.Tariffs are excise taxes on imports.Governments may use them to generate revenue or to protect domestic producers from foreign competition.Import quotas specify the maximum amounts of imports allowed into a nation over a period of time.Nontariff barriers include licensing requirements, unreasonable standards, and bureaucratic red tape in customs procedures that restrict trade.Voluntary export restrictions are agreements where foreign firms "voluntarily" limit their exports to another nation.

Identify the Four Basic Types of Trade Barriers and Describe