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Hey Richard, I didn't do well on my trade barriers test. Could you help me review ?
The first barrier is a tariff. A tariff is a tax that you put on imports
Okay so if a tariff, is placed the company will make more income from the product that was produced domestically
The next trade barrier is an embargo, which completely stops trade between countries.
The last barrier is a quota. A quota puts a limit on the amount of imports that can enter a country.
So, an example of a quota is like Canada putting a limit on the amount of American syrup can enter Canada.
An embargo happens when a country is at war with another country , or for political reasons, but can also be for safety hazards in the products.
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