An Import Quota Is a

question 67

Multiple Choice

An import quota is a

• A)tax on imports
• B)legal limit on the amount of a specific good that can be imported into a particular country
• C)tax on import quantities above the legal limit
• D)way to increase tariff revenues
• E)legal incentive for members of GATT to increase their exports of a particular good

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Definitions:

Loan

A sum of money that is borrowed, typically from a financial institution, which is expected to be paid back with interest.

Lease

A contractual agreement in which one party (the lessor) allows another (the lessee) to use an asset for a specified period of time in exchange for payment or some other consideration.

Lessor

A lessor is a person or entity who leases or rents property to another, known as the lessee.

Tenant

An individual who rents or leases a space, such as an apartment or office, from a landlord.