What is the primary function of an import quota?

Impact of Import Quotas and Protectionism

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Business, Social Studies, Economics
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9th - 12th Grade
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Hard

Patricia Brown
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To reduce export tariffs
To enhance consumer choice
To increase domestic production
To limit the quantity of imports
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an import quota initially affect the market?
It reduces domestic demand
It sets a limit on imports
It increases the number of imports
It decreases domestic supply
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the price in the market when there is excess demand due to an import quota?
The price fluctuates randomly
The price increases
The price remains the same
The price decreases
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of an import quota on domestic supply?
Domestic supply becomes unpredictable
Domestic supply increases
Domestic supply remains constant
Domestic supply decreases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an import quota impact consumer demand?
Consumer demand becomes erratic
Consumer demand remains unchanged
Consumer demand contracts
Consumer demand increases
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a deadweight loss in the context of import quotas?
A reduction in production costs
An increase in domestic efficiency
A loss of consumer surplus
A gain in foreign market share
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might domestic suppliers be considered inefficient under an import quota?
They have a comparative advantage
They require more resources than foreign suppliers
They produce more than the market demands
They produce at a lower cost than foreign suppliers
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