BUSINESS ADMINISTRATION
INTERNATIONAL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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antidumping practice
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import license
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voluntary export restraint
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embargo
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quota
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Detailed explanation-1: -Imports of sugar into the United States are governed by tariff-rate quotas (TRQs), which allow a certain quantity of sugar to enter the country under a low tariff.
Detailed explanation-2: -What are some examples of quotas? The United States does not currently have any absolute quotas, but it has many tariff quotas that increase tariffs on a good once its import quota is met. Some items under a tariff rate quota in the United States include tuna, olives, and ethyl alcohol.
Detailed explanation-3: -An import quota is a limit on the total quantity of imports that can be brought into a country in a given time period. It is a non-tariff barrier. A quota restricts supply leading to higher prices. For example China has a quota on Cambodian rice exports of 300, 000 tonnes per year.
Detailed explanation-4: -Import quotas control the amount or volume of various commodities that can be imported into the United States during a specified period of time. Quotas are established by legislation, Presidential Proclamations or Executive Orders.
Detailed explanation-5: -Within the United States, there are three forms of quotas: absolute, tariff-rate, and tariff-preference level. Tariffs are taxes one country imposes on the goods and services imported from another country.