The Fundamental Difference Between Quotas and Import Licenses as a Means

Multiple Choice

The fundamental difference between quotas and import licenses as a means of controlling imports is that:

A) import licenses have greater flexibility over quotas.
B) quotas impose specific limitations on trade, and import licenses take care of standards.
C) quotas are imposed on export goods, and import licenses are imposed on import goods.
D) for quotas, the exporting country sets the limits, but licenses are issued by the importing country.
E) unlike licenses, quotas limit quantities on a case-by-case basis.