Which of the following may be used to restrict imports? i. Bill of lading ii. Specific Licenses iii.Foreign exchange rationing iv. Letters of credit v.Custo...

Which of the following may be used to restrict imports?
i. Bill of lading ii. Specific Licenses iii.Foreign exchange rationing iv. Letters of credit v.Customs duties and tariffs

Answer Details

The options that may be used to restrict imports are ii, iii and v only, which are specific licenses, foreign exchange rationing, and customs duties and tariffs. Specific licenses are a type of permit that must be obtained before certain goods can be imported into a country. This allows the government to limit the quantity of a particular product that can be imported. Foreign exchange rationing involves limiting the amount of foreign currency that is available for individuals and businesses to use in transactions. This can make it more difficult and expensive to import goods from other countries. Customs duties and tariffs are taxes that are placed on imported goods, making them more expensive and less competitive with domestically-produced goods. This can help to protect domestic industries and limit the volume of imports. Bill of lading is a document that serves as a receipt of goods shipped, while letters of credit are financial instruments that help to facilitate international trade. They do not have a direct role in restricting imports.