Quota
Definition
A government-imposed limit on the quantity of a good that can be imported. Acts like a tariff but with the rent going to whoever holds the import licenses.
Example
A quota of 100,000 cars per year from a particular country.
A government-imposed limit on the quantity of a good that can be imported. Acts like a tariff but with the rent going to whoever holds the import licenses.
A quota of 100,000 cars per year from a particular country.