ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-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: -Trade quotas are the limitations that governments establish to curb the quantity of commodities to be imported into a country. The imposition of quotas aims to protect the domestic industries and producers from high competition from foreign producers.

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: -2. The Unilateral Quota: Under this system, a country places an absolute limit on the importation of a commodity during a given period. It is imposed without prior negotiation with foreign governments.