An Import Quota Is a

question 166

Multiple Choice

An import quota is a

• A) tariff imposed on goods that are dumped in the country.
• B) law that prevents ecologically damaging goods from being imported into a country.
• C) market-imposed balancing factor that keeps prices of imports and exports in equilibrium.
• D) government-imposed restriction on the quantity of a specific good that can be imported.

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Definitions:

Specified Amount

A specified amount refers to a particular or agreed sum of money or quantity of a resource or asset.

Tariff

A tariff is a tax imposed by a government on goods and services imported from other countries, used to restrict trade, as they increase the cost of imported goods and services, making them less competitive than domestic goods.

Domestic Consumers

Individuals or households within a country that purchase goods and services for personal use.

Protected Industry

An industry that receives government support through measures like tariffs, quotas, and subsidies to shield it from foreign competition.