A ceiling on the quantity of commodity to be imported into the country is called

Assessment: WAEC SSCE - Commerce - 2012 (Objective) Subject: Commerce

Question 1 Report

A ceiling on the quantity of commodity to be imported into the country is called

Answer Details
A ceiling on the quantity of a commodity to be imported into the country is called a quota. It is a trade restriction that limits the quantity of a particular good that can be imported into a country over a set period. This is usually done to protect domestic industries from foreign competition, to reduce the trade deficit or to promote self-sufficiency. A quota can be imposed on a specific commodity or country, and it can be either a voluntary or mandatory restriction.
Read lesson note on Commerce (JAMB)
View Answer

Related Questions

1

The development of trade in West Africa was aided by the
2

A cheque drawn by a bank on itself is a/an
3

Which of the following is an example of large-scale retailing?
4

Which of the following is quoted when the buyer is responsible for the cost of loading the goods from the seller's warehouse up to his own warehouse?
5

A voluntary body formed by people in the same line of business for the purpose of protecting their interest is a
6

Those who are engaged in the distribution of goods belong to
7

An issuing house is an outlet for
8

The relationship between all imports and exports of a country is known as

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning