Question

A ceiling or limit placed on the amount of a particular good that may be imported during the period.

a. Tarriff
b. Slippage
c. Set-aside
d. Quota

Answer 1

An import quota is a ceiling or limit placed on the amount of a particular good that may be imported during a period. Import quotas can be used as a tool for controlling trade and practicing protectionism.

Step-by-step explanation:

An import quota is a ceiling or limit placed on the amount of a particular good that may be imported during a period. It is a numerical limitation on the quantity of products that a country can import. Import quotas can be used as a tool for controlling trade and practicing protectionism. For example, the Reagan Administration imposed a quota on the import of Japanese automobiles in the early 1980s.