Types of Trade Restrictions
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Identify and explain three trade restrictions. In your opinion, which method of restricting trade is the most efficient?
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Solution Summary
This solution provides you with detailed information about various types of trade restrictions or means of protectionism adopted by countries across the world. It also provides you with information as to some factors that must be considered in order to determine which method of trade restriction is more efficient. The solution is adequately referenced.
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Hello Student,
In order to answer this question the first thing that you may want to do is to define or look at what really is a trade restriction, otherwise known at protectionism. After which you may look at the different types of trade restrictions that exist and determine which your believe is most efficient. I will provide for you a guideline which will entail both the definition of protectionism and the various barriers to trade that exist (with a description of each). From this guideline you may choose the three which you wish to focus on.
Note the following excerpt:
"Protectionism may be the defined as an economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, export subsidies, administrative barriers to trade and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies." Source: http://protectionism.askdefine.com/
A description of each trade barrier is given below:
Tariffs
A tariff is usually defined as a tax on imports, but sometimes on exports. Import tariffs tend to act as a tax on imports and they are or can be used to raise the price of imported goods to ...
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