UGC NET COMMERCE June 2019 Q99
0. Quantitative import restrictions that limit the quantity of a product being imported is called:
- Option : B
- Explanation : A quota is a quantitative restriction on imports. Quotas limit the amount of a product that can be imported into a country over a specified period of time, such as a calendar year. Quotas are a form of non-tariff barrier (NTB), i.e., they are not tariffs but have the same impact in terms of restricting free trade and protecting domestic industries. Quotas restrict the availability of the foreign product in the domestic market and, therefore, provide an advantage to local producers. There are various forms of quotas.
