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JAMB Economics 1982 Question 46

Question 46

International Trade

When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as

  1. A.tariffs
  2. B.quotas
  3. C.exchange control
  4. D.devaluation
  5. E.revaluation.
Show the answer and explanation

Answer: B (quotas)

Explanation

A quota is a fixed limit on the quantity of a good that may be imported.