Practice Quiz

AP Macroeconomics

Category - Macroeconomics

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The United States enforces a strict trade policy on Asian oak imports. Manufacturers are only allowed a certain amount annually according to the size of their operations. What is this referred to?
  1. Export quota
  2. Import tariff
  3. Import quota
  4. Export tariff
Explanation
Answer - C - This is referred to as an import quota.

Key Takeaway: Import quotas are government trade policies designed to limit imports into a country. A quota may also exist for political reasons, with the government restricting goods and raw materials being imported from countries that are out of favor.
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