What is a Quota?

Commerce

JAMB 2018

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

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Correct Answer: Option B

Explanation

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.

Quota, in international trade, government-imposed limit on the quantity, or in exceptional cases the value, of the goods or services that may be exported or imported over a specified period of time

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