Search results
Results from the WOW.Com Content Network
In economics, a tariff-rate quota (TRQ) (also called a tariff quota) is a two-tiered tariff system that combines import quotas and tariffs to regulate import products. A TRQ allows a lower tariff rate on imports of a given product within a specified quantity and requires a higher tariff rate on imports exceeding that quantity. [ 1 ]
Since the trade balance (exports minus imports) is generally the biggest determinant of the current account surplus or deficit, the current account balance often displays a cyclical trend. During a strong economic expansion, import volumes typically surge; if exports are unable to grow at the same rate, the current account deficit will widen.
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. [1] Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy ( protectionism ).
According to the theory of comparative advantage, trade barriers are detrimental to the world economy and decrease overall economic efficiency. Most trade barriers work on the same principle: the imposition of some sort of cost (money, time, bureaucracy, quota) on trade that raises the price or availability of the traded products.
Balance of trade is the difference between the monetary value of a nation's exports and imports of goods over a certain time period. [1] Sometimes services are also considered but the official IMF definition only considers goods. The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the ...
This quota was originally intended to expire after three years, in April 1984. However, with a growing deficit in trade with Japan, and under pressure from domestic manufacturers, the US government extended the quotas for an additional year. [14] The cap was raised to 1.85 million cars for this additional year, then to 2.3 million for 1985.
The Agreement on Textiles and Clothing (ATC) succeeded the Multi Fibre Arrangement (MFA), and facilitated the gradual dismantling of quotas for world textile trade that the MFA had put into place. Thus, the Agreement on Textiles and Clothing (ATC) stipulated a systematic and progressive elimination of the Multi Fiber Arrangement (MFA) over a ...
Poster of 1942 or 1943 encouraging the reduction of waste to reach production quotas Poster of 1942 or 1943 encouraging American workers to reach production quotas. A production quota is a goal for the production of a good. It is typically set by a government or an organization, and can be applied to an individual worker, firm, industry or country.