Question

Limits on the quantity or total value of specific products imported to a nation are:_____.

Answer 1

Limits on the quantity or total value of specific products imported to a nation are important quotas. Thus option A is correct.

An import quota is an NTB that places an instantaneous restriction on the amount of some goods that may be imported. An export quota may be a restriction on the quantity of products that may leave a rustic. The merchandise which may be imported during a given period usually for one year imposed by the govt to supply benefits to local producers.

• Import quotas may be described because the fixation on the most quantity of any particular commodity imported therein country, usually implemented to safeguard domestic industries and vulnerable producers.

• It protects countries’ domestic market from getting flooded with imported goods which are usually cheaper than the identical or similar goods produced by local players because of low cost within the overseas market or high level of efficiency, the expertise of the exporter party.

• However, this import restriction may affect consumer sentiment as they will not be getting goods at a less expensive cost.

Learn more about import quotas

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