Import quotas
A) are not used by Australia.
B) are the same as tariffs.
C) set the minimum percentage of the value of a product that must consist of imported components.
D) set the maximum quantity of a good that can be produced domestically.

Question

Quizplus · Accepted Answer

Import quotas are a type of trade restriction that limits the quantity of a good that can be imported into a country. They are not the same as tariffs, which are taxes on imports, nor do they set minimum percentages of imported components or limit domestic production. The statement about Australia not using import quotas is not accurate without specific context or time frame, as trade policies can change. However, based on the given options, A is the least incorrect as it directly addresses the use of import quotas, albeit the statement might not be universally true.

Import Quotas