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JAMB Economics 2004 Question 26

Question 26

International Trade

When the importation of a commodity is limited to a definite quantity, the trade control means used is known as

  1. A.exchange control
  2. B.tax relief
  3. C.devaluation
  4. D.quotas
Show the answer and explanation

Answer: D (quotas)

Explanation

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