Question

Give the meaning of tariffs and quotas

Answer 1

Tariffs :-

• A system of government-imposed duties levied on imported or exported goods; a list of such duties, or the duties themselves.
• A system of government-imposed duties levied on imported or exported goods; a list of such duties, or the duties themselves.A schedule of rates, fees or prices.
• A system of government-imposed duties levied on imported or exported goods; a list of such duties, or the duties themselves.A schedule of rates, fees or prices.A sentence determined according to a scale of standard penalties for certain categories of crime.

Quotas :-

• A proportional part or share; the share or proportion assigned to each in a division.
• A proportional part or share; the share or proportion assigned to each in a division.A prescribed number or percentage that may serve as, for example, a maximum, a minimum, or a goal.
• A proportional part or share; the share or proportion assigned to each in a division.A prescribed number or percentage that may serve as, for example, a maximum, a minimum, or a goal.(business, economic) A restriction on the import of something to a specific quantity.

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Answer 2

Answer:

Tariffs:Tariff is a tax on imports. It is normally imposed by government on the imports of the particular commodity.

Quotas:Quotas is the quantity limit.It restricts imports of commodity physically.It specific the maximum amount that can be imported during a given time of period.