A government-imposed restriction on the quantity of a specific good that another country is allowed to sell in the U.S. is
A) a regional trade bloc.
B) an import quota.
C) a voluntary import expansion.
D) a voluntary restraint agreement.

Question

Quizplus · Accepted Answer

An import quota is a government-imposed restriction on the quantity of a specific good that another country is allowed to sell in the U.S. This is done to protect domestic industries from foreign competition, which can harm the economy in the long run. Import quotas limit the amount of foreign goods that can enter the country, making it more difficult for foreign producers to sell their goods in the U.S. market.

A Government-Imposed Restriction on the Quantity of a Specific Good