ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Duty suspensions allow unlimited quantities to be imported into the UK at a reduced tariff rate. Autonomous tariff quotas ( ATQs ) allow limited quantities to be imported at a reduced rate.

Detailed explanation-2: -A TRQ allows a fixed volume of goods to be imported at zero duty or at a lower rate of duty than would be applied under the standard rate of import duty. A TRQ allows the UK to manage the volume of the goods that are imported into the country.

Detailed explanation-3: -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-4: -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.