Question

although both tariffs and quotas are tools used to restrict or reduce trade, which of the statements best describes their differences? tariffs are a tax on imported goods, and quotas are limits on the number of exported goods. tariffs are a tax on imported goods, and quotas are limits on the number of imported goods. tariffs are a subsidy for exported goods, and quotas act as a minimum limit of exports. tariffs are a tax on exported goods, and quotas are limits on the number of exported goods. quotas are a tax on imported goods, and tariffs are a tax on imported goods.

Answer 1

Both tariffs and quotas are instruments used to impede or reduce trade. Both quotas and tariffs place restrictions on the quantity of imported commodities.

What are exports and imports?

Exports: The products and services that a nation produces at home and sells to clients or enterprises abroad are known as exports. The nation selling its goods and services benefits from an infusion of money as a result. Businesses may opt to export their products and services to another country because it allows them to:

Take part in international trade

reach out to new markets

raising sales

Imports : are the products and services that a company or customer buys from another nation. The nation that is making the purchases sees money leave the country as a result. Although most nations want to import less products and services than they export in order to boost domestic revenue, a high amount of imports can be a sign of an expanding economy. This is especially true if the majority of the imports are productive assets, such machinery and equipment, which the receiving nation may utilize to raise the productivity of their own economy.

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