In 2011, the United States Department of Agriculture increased its annual sugar-import limit to 1.6 million tons for the year. This is a(n) .....

BARRIERS TO TRADE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In 2011, the United States Department of Agriculture increased its annual sugar-import limit to 1.6 million tons for the year. This is a(n) ____

A	Tariff
B	Quota
C	Embargo
D	None of the above

Explanation:

Detailed explanation-1: -Answer and Explanation: If the United States places an import quota on imported sugar, then consumers will seek substitutes for sugar and products that use sugar.

Detailed explanation-2: -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-3: -Import Quotas are a form of a restriction imposed by the government on the trade of a particular commodity by restricting either fixed in terms of value or quantity of the product which can be imported during a given period usually for one year imposed by the government to provide benefits to local producers.

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

BARRIERS TO TRADE