A(n)________ is an absolute ban on the exporting and importing of goods to a particular destination.
A) voluntary export restraint
B) embargo
C) ad valorem tariff
D) tariff rate quota

Question

Quizplus · Accepted Answer

An embargo is a complete prohibition on importing or exporting goods to a particular country. It is usually imposed as a political or economic sanction, such as to isolate a country or punish it for its actions. A voluntary export restraint (A) is a trade barrier that is self-imposed by an exporting country, while an ad valorem tariff (C) is a tax on imports that is applied as a percentage of their value. A tariff rate quota (D) allows a predetermined quantity of a product to be imported at a lower tariff rate, but any quantity above that threshold is subject to a higher tariff rate.

A(n)________ Is an Absolute Ban on the Exporting and Importing