As a result of trade agreements, many countries have replaced quotas with ________.
A) tariff rate quotas
B) numerical export controls
C) voluntary export restraints
D) regulatory controls

Question

Quizplus · Accepted Answer

Tariff rate quotas are a common replacement for quotas in trade agreements. They allow a certain quantity of goods to be imported at a lower tariff rate, with higher tariffs applied to quantities that exceed the quota. This approach provides a balance between protecting domestic industries and allowing international trade.

As a Result of Trade Agreements, Many Countries Have Replaced