Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Explore in-depth answers to your questions from a knowledgeable community of experts across different fields. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

An import quota is a A) tax on import quantities above the legal limit. B) way to increase tariff revenues for the exporting country. C) legal limit on the amount of a good that can be imported into a country. D) legal incentive for members of WTO to increase their exports of a good or service.

Sagot :

Gibbs
An import quota is C) a legal limit on the amount of a good that can be imported into a country. This differs from a tariff which is a A) tax on import quantities above the legal limit, or at all levels. 
emilyadalex

C) legal limit on the amount of a good that can be imported into a country.

As a trade restriction, an import quota establishes a physical limit of the quantities (or the value) of a product or good that can be imported from foreign countries in a given period of time.

Some of its purposes are to protect domestic industries by restricting foreign competition, to direct the foreign exchange resources of the country for more high-priority import items, to reduce the balance of payments deficit faced by the country that exports the product, among others.

Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.