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Q.

Choose if the given statement is True/False.


Tax on imports is an example of a trade barrier.


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a

True

b

False 

answer is A.

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Detailed Solution

The above statement is true.
Tax on imports is an example of a trade barrier. Trade barrier refers to the restrictions that the government imposes for the following reasons:
  • The government imposes an import tax to regulate the country's foreign trade. If there were no restrictions, then imported goods might capture the domestic market, ultimately a loss for the producers of local goods.
  • The government decides what type of goods should be imported into the country.
  • Government looks after the number of goods imported into the country.

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