ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tariff
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Quota
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Embargo
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None of the above
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Detailed explanation-1: -MEXICO CITY, Feb 7 (Reuters)-Mexico opened an additional sugar import quota of 250, 000 tonnes for 2010 to cover an expected shortfall in the domestic harvest, the economy ministry said on Sunday. The ministry said the quota would run until May 20. Our Standards: The Thomson Reuters Trust Principles.
Detailed explanation-2: -What Is a Quota? A quota is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.
Detailed explanation-3: -Mexico’s major imports include machinery and transport equipment, chemicals, and consumer goods. The quantity and value of Mexican exports (especially nonpetroleum exports) grew rapidly in the 1990s, largely in response to the government’s neoliberal economic policies and to the creation of NAFTA.
Detailed explanation-4: -Definition: Customs Duty is a tax imposed on imports and exports of goods.