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Definition. Import quota that allows a limited quantity of specified merchandise into a country (or withdrawal of already imported merchandise from a bonded warehouse) for consumption at a reduced duty rate during a specified period. Also called tariff quota.
The effects of tariffs and quotas. Since tariffs and quotas both reduce the supply of imports, and thus raise price and reduce quantity, we can analyze the further effects of tariffs and quotas together. That is, we can examine the effects of a tariff and know that the effects of a quota will be exactly the same.