QUOTA Vs TARIFF
QUOTA VERSES TARIFF MEANING Tariff : Tariff refers to the tax levied on import or export of goods. Quota : Quota refers to the restrictions imposed on the quantity of goods imported. Effect on GDP Tariff : Increases GDP Quota : Decreases GDP INCOME Tariff : To Government Quota : To importer RESULTS IN Tariff : Fall in consumers surplus and rise in producers surplus Quota : Fall in consumers surplus