Discuss the restrictions nations place on international trade, the objectives of these restrictions, and their results.
Despite the benefits of world trade, nations tend to use tariffs and non-tariff barriers (import quotas, embargoes, and other restrictions) to limit trade. These restrictions typically are justified as being needed to protect a nation's economy, industries, citizens, or security. They can result in the loss of jobs, higher prices, fewer choices in the marketplace, and the misallocation of resources.
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