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Which of the following are used as a tool for quantitative restrictions on import: 1. Tariff 2. Subsidy 3. Quota Choose the correct answer from the codes given below.

Which of the following are used as a tool for quantitative restrictions on import: 1. Tariff 2. Subsidy 3. Quota Choose the correct answer from the codes given below. Correct Answer 1, 2, and 3

The correct answer is 1, 2, and 3

Key Points

  • The government uses tariffs, quotas, and subsidies to restrict imports. Hence, all are correct.
  • Tariffs are a tax on imported goods; they make imported goods more expensive and discourage their use.
  • Quotas specify the number of goods which can be imported.
  • An export subsidy is promoted under subsidy. At the same time, assistance is also provided to make domestic industries competitive with foreign goods, which discourages imports somewhere.

Additional Information

  • Imports: The top imports of India are Crude Petroleum ($101B), Gold ($32.8B), Coal Briquettes ($27.2B), Diamonds ($24.9B), and Petroleum Gas ($16.9B) 
  • Exports: The top exports of India are Refined Petroleum ($41.5B), Diamonds ($26.3B), Packaged Medicaments ($14B), Jewellery ($12.4B), and Rice ($7.47B)

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