What are tariffs and quotas?

Question

Quizplus · Accepted Answer

Tariffs and quotas are policies that restrict trade among nations. Tariffs are taxes imposed on imported goods, which make them more expensive and less competitive with domestically produced goods. Quotas are limits on the quantity of a certain goods that can be imported into a country. Both tariffs and quotas are meant to protect domestic industries by limiting foreign competition. However, they can also harm consumers by reducing the availability of goods and increasing prices.

What Are Tariffs and Quotas