GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tariff
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Embargo
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Quota
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Deal
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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: -Quantitative restrictions are explicit limits which are usually expressed by volume, giving the amount of a specified product or commodity which may be imported into a particular country. The term may also be used to describe the total amount of those goods which may be imported from any given supplying country.
Detailed explanation-3: -When quantities inside a quota are charged lower import duty rates, than those outside (which can be high).