Which term describes the limits placed on the quantity of a product that can be imported into a country?

The term that describes the limits placed on the quantity of a product that can be imported into a country is indeed called a quota. Quotas are specific restrictions set by governments that determine the maximum amount of a particular good that can enter the country during a given time period. By imposing quotas, countries aim to protect domestic industries from foreign competition, manage the availability of certain products, and regulate the balance of trade.

Tariffs, on the other hand, refer to taxes imposed on imported goods, effectively raising the price of those goods but not limiting the quantity. An embargo is a prohibition on trade with a specific country or against specific products, which can serve as a broader measure beyond just limiting quantities. Sanctions often relate to economic or diplomatic measures taken against a country to influence its behavior, which can also include restrictions on trade but often involve broader political implications. Quotas, specifically, are focused solely on controlling the volume of imports, making them the correct term for this scenario.