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

Question

Quizplus · Accepted Answer

Import quotas set a limit on the quantity of a good that can be imported into a country, not on the price or value of the good. They are different from tariffs, which are taxes on imports, and the United States does use import quotas for certain goods. Option D describes a rule related to the content of a product, not an import quota.

Import Quotas