The Kingdom of Rhonda has no high tariffs, yet other countries find it difficult to trade with the Kingdom of Rhonda because of its requirements for labeling, product testing, and certification.These restrictions can best be classified as _____.
A) embargos
B) currency devaluations
C) import quotas
D) quality import restrictions
E) bureaucratic red tape

Question

Quizplus · Accepted Answer

The term "bureaucratic red tape" refers to excessive regulations and procedures that make it difficult for businesses to operate or trade with a country, despite the absence of high tariffs or other trade barriers. This accurately describes the situation in the Kingdom of Rhonda. The other options - embargos, currency devaluations, import quotas, and quality import restrictions - do not accurately describe the situation.

The Kingdom of Rhonda Has No High Tariffs, Yet Other