JAMB - Commerce (2018 - No. 8)
What is a Quota?
Tax pad on goods produced within a country
A physical restriction placed on quantity of goods that can be imported
Tax paid on goods produced outside a country
Ban on all imported goods
Explanation
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
Quota, in international trade, government-imposed limit on the quantity, or in exceptional cases the value, of the goods or services that may be exported or imported over a specified period of time
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