TRUE or FALSE: The 3 trade barriers are: tariffs, quotas and embargoes.
TRUE
FALSE
TRUE
TRUE
TRUE.
To determine whether the statement is true or false, we need to understand what trade barriers are and whether tariffs, quotas, and embargoes fall under this category.
Trade barriers refer to measures that governments and organizations implement to restrict international trade. They are intended to protect domestic industries, regulate imports and exports, and maintain economic stability.
Tariffs are a type of trade barrier that involves imposing taxes or duties on imported goods or services. These taxes make imported products more expensive than domestically produced goods, thus giving a competitive advantage to local industries.
Quotas are another form of trade barrier that involves setting limits on the quantity or value of goods that can be imported or exported during a specific period. Quotas restrict the amount of foreign products entering a country, protecting domestic industries from excessive competition.
Embargoes, on the other hand, are a complete prohibition on trade between specific countries or a ban on trading specific goods altogether. They are usually imposed as a political or economic strategy to express disapproval or pressure another country.
Based on the description above, it is true that tariffs, quotas, and embargoes are three common types of trade barriers. Therefore, the statement is true.