What is it called when the UK restricts the quantity of steel that can be imported within a set timeframe?

Multiple choice question for The International Economy And Globalization. Select an option, then review the explanation below.

Explanation

The correct answer is A: a quota. This refers to a government-imposed limit on the quantity of a specific good that can be imported during a certain period. Dumping involves selling products at unfairly low prices, a tariff is a tax on imports, and an export subsidy is financial support to encourage exports.

Practice related questions from the same subject.

1.In which type of goods do Less Developed Countries (LDCs) typically hold a comparative advantage?
2.Why did output decline drastically in the economies undergoing transition?
3.When products are sold abroad at prices below the marginal cost of production and the marginal benefit to local consumers, which policy is most likely supporting this situation?
4.How do tariffs affect the production levels of domestic companies and the consumption habits of consumers?
5.The equilibrium exchange rate adjusts to neutralize disparities in which of the following international economic factors?

What is it called when the UK restricts the quantity of steel that can be imported within a set timeframe?

Explanation

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