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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.
D a protective tariff on imports. 14. The difference between money paid to, and received from, other nations in trade is the A balance of trade. B absolute advantage. C balance of payments. D comparative advantage. 15. Which statement BEST reflects the difference between tariffs and quotas? A Tariffs raise prices on exports, while quotas set limits on imports. B Tariffs raise prices on imports, while quotas set limits on exports. C Tariffs raise prices on exports, while quotas set limits on exports. D Tariffs raise prices on imports, while quotas set limits on imports.