Quotas and Tariffs Are Both Types of Protectionism and Limit

question 63

Essay

Quotas and tariffs are both types of protectionism and limit trade. Which is more restrictive and why?

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Definitions:

Negotiable Document

An official note that commits to paying a designated amount, either immediately upon request or at a predetermined date, with the payer's name indicated on the note.

Risk of Loss

The legal and financial responsibility for damages or loss to goods, typically determined by the terms of a contract or by law.

Common-carrier Delivery

The transportation of goods or people by a commercial service available to the public under license or authority provided by a regulatory body.

Goods-in-bailment

Items that are temporarily delivered into the care of another, under a bailment agreement, without transfer of ownership.