ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A nontariff barrier is a trade restriction–such as a quota, an embargo, or a sanction–that countries use to further their political and economic goals.

Detailed explanation-2: -A nontariff barrier is a trade restriction–such as a quota, embargo or sanction–that countries use to further their political and economic goals. Countries usually opt for nontariff barriers (rather than traditional tariffs) in international trade. Nontariff barriers include quotas, embargoes, sanctions, and levies.

Detailed explanation-3: -Absolute quotas strictly limit the quantity of goods that may enter the commerce of the United States for a specific period. Tariff rate quotas permit a specified quantity of imported merchandise to be entered at a reduced rate of duty during the quota period.

Detailed explanation-4: -quota, in international trade, government-imposed limit on the quantity, or in exceptional cases the value, of the goods or services that may be exported or imported over a specified period of time.

Detailed explanation-5: -2. Quotas. Quotas are quantitative restrictions that are imposed on imports and exports of a specific product for a specified period. Countries use quotas as direct forms of administrative regulation of foreign trade, and it narrows down the range of countries where firms can trade certain commodities.