Three International Legal Structures Designed to Limit Trade Are Tariffs

question 144

Essay

Three international legal structures designed to limit trade are tariffs, quotas, and boycotts. Define and differentiate these three structures. Give one specific example of each.

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Definitions:

Instrument

An instrument is a formal legal document, such as a contract, will, or security, that gives evidence or details of a transaction or legal act.

Negotiable Instrument

A written document guaranteeing the payment of a specific amount of money to the bearer on demand or at a set time.

Substitute

An alternative option or something that replaces another.

Cash

Physical form of currency, such as coins and banknotes, used to conduct transactions or stored as a financial asset.