How is termed the government's order to prevent the arrival or departure of merchant ships or to restrict import or export of specified or all goods with a foreign nation ?
Correct answer: A. Embargo
- A. Embargo
- B. Contraband
- C. Ban
- D. Restriction
Explanation
An embargo is an official government order restricting or completely stopping trade, shipping, or specified imports and exports with another country. Contraband refers to prohibited goods, not the trade restriction itself.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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