Review:
Import Quotas
overall review score: 3.5
⭐⭐⭐⭐
score is between 0 and 5
Import quotas are limits set by a government on the quantity of a specific product that can be imported into a country during a specified period of time.
Key Features
- Government-imposed restrictions
- Limits on quantity of imported goods
- Control over domestic market
Pros
- Protect domestic industries
- Prevent dumping of cheap foreign goods
- Generate revenue for the government
Cons
- Increase prices for consumers
- Limit consumer choice
- May lead to trade disputes