What is a Quota - JAMB Commerce 2018 Question
What is a Quota?
A
Tax pad on goods produced within a country
B
A physical restriction placed on quantity of goods that can be imported
C
Tax paid on goods produced outside a country
D
Ban on all imported goods
correct option: b
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy.
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