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Q.

What are the different trade barriers?


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a

Taxes

b

Quota restrictions

c

Both 1 and 2

d

None of the above 

answer is C.

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Detailed Solution

The governments charge taxes on the import of goods from abroad to regulate the number of imports. Quota restriction is another trade barrier that the government of a country uses to control the goods and services that people can import. Quota restrictions are restrictions on the number of goods imported into a country. An industry where the Indian government must implement quota restrictions is Chinese toys because Indian toy producers are struggling a lot due to the competition they face in the market.
 
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What are the different trade barriers?