Import quotas

Question

Import quotas

Quizplus · Accepted Answer

Import quotas are restrictions on the quantity of a product that can be imported into a country. They set a maximum number of units that can be imported within a given time period. They are different from tariffs, which are taxes imposed on imports, and are typically used to protect domestic industries from foreign competition. Import quotas can have benefits and drawbacks for society, depending on the specific circumstances. However, choice A is incorrect because Canada does use import quotas in certain situations, such as for dairy products. Choice B is incorrect because it describes rules of origin, which are separate from import quotas. Choice C is too broad and does not accurately describe the effects of import quotas.

Import Quotas