Test Your Knowledge on Trade Barriers and Their Impact on Global Trade
What are trade barriers?
What is the principle behind most trade barriers?
Which countries have fewer trade barriers?
Which industries are most commonly protected by trade barriers?
What has happened to tariffs in the last 20 years?
What is the impact of trade barriers on the developing world?
What is the effect of trade barriers on product choice and prices?
Which firms are most affected by trade barriers?
What do modern trade deals tackle?
Restrictions Limiting International Trade
- Trade barriers are government-induced restrictions on international trade that raise the price or availability of traded products.
- Most trade barriers work on the principle of imposing some sort of cost (money, time, bureaucracy, quota) on trade.
- Barriers take the form of tariffs and non-tariff barriers to trade, including subsidies for certain industries such as agriculture and steel.
- High-income countries have fewer trade barriers than middle or low-income countries, and small states have lower trade barriers than large states.
- The most common trade barriers are on agricultural goods, while textiles, apparel, and footwear are the most commonly protected manufactured goods.
- Tariffs have declined in the last 20 years with the growth of the World Trade Organization, but non-tariff barriers have increased.
- Trade barriers can take many forms, including conformity and per-shipment requirements and weak inspection or certification procedures.
- Small firms are most affected by trade barriers.
- Trade barriers negatively impact the developing world by limiting access to markets and lowering prices for crops.
- Trade barriers result in a limited choice of products and force customers to pay higher prices and accept inferior quality.
- Companies must be aware of trade restrictions and regulations and may need a license to ensure a smooth export or import business and avoid penalties or violations.
- Modern trade deals tackle non-tariff barriers to trade, such as different standards and regulations, in addition to tariffs.
Are you familiar with the different types of trade barriers and their impact on international trade? Test your knowledge with our quiz on Restrictions Limiting International Trade. From tariffs to non-tariff barriers, agricultural goods to manufactured goods, this quiz covers it all. Find out how trade barriers affect small firms, developing countries, and customers, and learn about the latest trade deals addressing these issues. Sharpen your understanding of global trade by taking this informative quiz.
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