Answered

Get personalized answers to your unique questions on IDNLearn.com. Ask any question and receive accurate, in-depth responses from our dedicated team of experts.

An import quota is a A) tax on import quantities above the legal limit. B) way to increase tariff revenues for the exporting country. C) legal limit on the amount of a good that can be imported into a country. D) legal incentive for members of WTO to increase their exports of a good or service.

Sagot :

Gibbsidn
An import quota is C) a legal limit on the amount of a good that can be imported into a country. This differs from a tariff which is a A) tax on import quantities above the legal limit, or at all levels. 
Emilyadalexidn

C) legal limit on the amount of a good that can be imported into a country.

As a trade restriction, an import quota establishes a physical limit of the quantities (or the value) of a product or good that can be imported from foreign countries in a given period of time.

Some of its purposes are to protect domestic industries by restricting foreign competition, to direct the foreign exchange resources of the country for more high-priority import items, to reduce the balance of payments deficit faced by the country that exports the product, among others.

Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Thank you for visiting IDNLearn.com. We’re here to provide accurate and reliable answers, so visit us again soon.