If a country permits only a fixed quantity of a product to be imported annually without restricting the source country or the importer, what type of trade restriction is this called?
Explanation
A global quota limits the total quantity of a good that can be imported regardless of the exporter or importer, unlike selective quotas which restrict imports by source or importer. Import duties are taxes on imports, tariff rate quotas combine tariffs with quantity limits, and voluntary export restraints are export limits agreed upon by exporting countries.