An import quota is
A) a restriction that specifies the maximum amount of a good that may be imported.
B) a tariff that is a fixed percentage of the price of a good.
C) a tariff that is a fixed dollar amount per unit of a good.
D) an agreed upon price for a good to be imported at a specified future date.

Question

Quizplus · Accepted Answer

An import quota is a type of trade restriction that sets a physical limit on the quantity of a particular good that can be imported into a country in a given period of time. This is different from tariffs, which are taxes on imports, and futures contracts, which are agreements to buy or sell a good at a future date for a specified price.

An Import Quota Is