Restriction on import or export of specified or all goods with a foreign nation by the Government is called ?
Correct answer: A. Embargo
- A. Embargo
- B. Contraband
- C. Ban
- D. Restriction
Explanation
An embargo is a government order prohibiting or severely restricting trade in specified goods, or trade with a particular country. Contraband refers to prohibited goods, not the government restriction itself.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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