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Practice mode Non-Tariff Trade Barriers

What is a limit on the maximum quantity of a foreign-produced good allowed into a country over a given period called?

Correct answer C. Import quota

Explanation

An import quota is a direct quantity ceiling on imports for a stated period, set by the importing country.

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Question 01 Non-Tariff Trade Barriers

Which statement correctly describes a tariff-rate quota?

Correct answer D. It is a two-tier tariff system intended to restrict imports

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Question 03 Non-Tariff Trade Barriers

For years the US government imposed quotas on cheap Middle Eastern oil, raising US consumers’ oil costs by about $3 billion. What was an apparent justification for this policy?

Correct answer A. One should not be too dependent on foreign suppliers of crucial resources

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