Question

The United States allows a certain amount of foreign cheese into the country each year. Which of the following is this an example of?
a. embargo
b. import quota
c. protectionism
d. voluntary trade restriction

Answer 1

Answer:

b. import quota

Explanation:

That fact that the United States permits a specific measure of remote cheddar into the nation every year would be a case of an "import quota," since it is setting a breaking point on the import of a particular item.

Answer 2

That fact that the United States allows a certain amount of foreign cheese into the country each year would be an example of an "import quota," since it is setting a limit on the import of a specific product.