What Term Refers to a Complete Ban on the Import

question 91

Multiple Choice

What term refers to a complete ban on the import of a product?

• A) an import quota
• B) an embargo
• C) a revenue tariff
• D) a protective tariff

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Definitions:

Export-Type Entries

The processes or strategies involved in entering foreign markets by selling goods or services produced in one's home country.

Balance of Trade

The difference in value between a country's imports and exports over a certain period, reflecting the country's external trading position.

Goods Surplus

A situation in which the quantity of goods supplied exceeds the quantity demanded at a given price, often leading to price reductions.