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A quota is a government-imposed limit on the quantity of a good or service that can be imported or exported.
There are two main types of quotas: absolute quotas and tariff-rate quotas.
Absolute quotas set a fixed limit on the quantity of a good or service that can be imported or exported.
Tariff-rate quotas set a lower limit on the quantity of a good or service that can be imported or exported, and a higher limit that’s subject to a higher tariff.
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