ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Tariff-Rate Quotas There is no limitation on the amount of merchandise that may be imported into the United States, however, quantities entered in excess of the quota limit during that period are subject to a higher duty rate.

Detailed explanation-2: -Imports of commodity group 1806 “Chocolate and other food preparations containing cocoa” accounted for 0.354% of total import flow to France (in 2021, total imports to France amounted to $ 714 billion).

Detailed explanation-3: -The Bilateral Quota: Under this system, quotas are set through negotiation between the importing country and the exporting country (or foreign export groups).

Detailed explanation-4: -A quota is a limit on trade, usually imports. They remain reasonably common in agricultural goods (for example, the US constrains imports of dairy goods, sugar, meats, and other foods).