ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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tax on import quantities above the legal limit.
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way to increase tariff revenues for the exporting country.
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legal limit on the amount of a good that can be imported into a country.
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legal incentive for members of WTO to increase their exports of a good or service.
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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: -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-3: -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-4: -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.
Detailed explanation-5: -An import quota lowers consumer surplus in the import market and raises it in the export country market. An import quota raises producer surplus in the import market and lowers it in the export country market. National welfare may rise or fall when a large country implements an import quota.