ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An import quota is a limit on how much a specific good or type of good can be imported into the country in a certain time period and it works by restricting the number of goods that are imported so that domestic producers do not have to lower their prices to be competitive.

Detailed explanation-2: -Import quotas are government-imposed limits on the quantity of a certain good that can be imported into a country. Generally speaking, such quotas are put in place to protect domestic industries and vulnerable producers.

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: -An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy (protectionism).

Detailed explanation-5: -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.