What are the standard Government tariffs and quotas?

Answer by  BillShaw (31)

Governments use tariffs and quotas in an effort to raise money for their operation and to establish a level playing field for their domestic industries. Tariffs are taxes or fees levied on goods entering a country. Quotas are limits placed on goods entering a country. They each work to lower the effective cost of goods produced within the country.

Answer by  leahstufflebam (22)

Tariffs are taxes on things imported into a country. There are tariffs on imported things like oil, electronics, wood, coffee, and other goods you use every day. A quota is a limit on the amount that can be imported in the country. This means too much cannot be imported.

Answer by  mani (813)

Tariff is a tax on import and quota is the legal limit of quantity of goods to be imported. The foreign products can be controlled to enter in to the domestic market. In US yields roughly about 20 billion dollars as revenue through tariff tax.