Question

A _____ is a tax on imported goods. A _____ is a quantitative restriction on imported goods.

Answer 1

Tariff is a tax on imported goods embargo is a quantitative restriction on imported goods

Answer 2

The answer for the first blank space is "tariff" and the second blank space is "quota".

Both answers are instruments that governments use in order to protect their local industry against foreign competition regarding the commercialization of goods. A tariff is a tax applied on a particular class of imports, while a quota a is a limit that a certain country is allowed to export to the importing country in a given period of time.