A country is allowed to import just 50,000 tonnes of rice annually. This describes

Assessment: WAEC SSCE - Economics - 2020 (Objective) Subject: Economics

Question 1 Report

A country is allowed to import just 50,000 tonnes of rice annually. This describes 

Answer Details
The statement describes a "quota". A quota is a restriction on the quantity of a certain good that can be imported or exported during a specified period. In this case, the country is allowed to import only 50,000 tonnes of rice annually, meaning that the country's government has set a limit on the amount of rice that can be imported into the country each year. The purpose of the quota could be to protect domestic producers from foreign competition, to manage the supply of the product in the market, or to regulate the price of the commodity.
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