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Consider the following statements regarding the trade barriers:
1. Tariff barriers refer to the tax imposed on the import of goods by a country to protect domestic goods.
2. Tariff barriers are more explicit in nature than Non-tariff barriers.
3. Tariff barriers are imposed on the quantity and quality of goods, whereas Non-tariff barriers are imposed on the value of goods.
Which of the above statements is/are correct?
  • a)
    1 and 2 only
  • b)
    1 only
  • c)
    2 and 3 only
  • d)
    3 only
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Consider the following statements regarding the trade barriers:1. Tari...
  • Statement 3 is incorrect: Tariff barriers are imposed on the value of goods, whereas Non-tariff barriers are imposed on the quantity and quality of goods.
Supplementary notes:
Tariff and Non-tariff Barriers
Tariff Barriers:
  • It refers to the tax imposed on the imports by the country to protect its domestic industries.
  • It includes custom duties, export-import duties etc.
  • It is imposed on physical units (like per tonne) or on the value of the goods imported.
  • They are imposed at reasonable prices by member countries of the World Trade Organization.
  • Tariff barriers are more explicit in nature as compared to Non-tariff barriers.
Non-tariff Barriers:
  • It refers to the restrictions other than taxes, imposed on imports by a country.
  • It includes quotas and licenses.
  • It imposed on the quantity and quality of the goods imported.
  • They are completely abolished (import quotas and voluntary export restraints) by the World Trade Organization.
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Consider the following statements regarding the trade barriers:1. Tariff barriers refer to the tax imposed on the import of goods by a country to protect domestic goods.2. Tariff barriers are more explicit in nature than Non-tariff barriers.3. Tariff barriers are imposed on the quantity and quality of goods, whereas Non-tariff barriers are imposed on the value of goods.Which of the above statements is/are correct?a)1 and 2 onlyb)1 onlyc)2 and 3 onlyd)3 onlyCorrect answer is option 'A'. Can you explain this answer?
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