Which statement BEST reflects the difference between tariffs and quotas?

Question 7 options:

Tariffs set limits on imports, while quotas raise prices on exports.

Tariffs set limits on exports, while quotas raise prices on imports.

Tariffs raise prices on exports, while quotas set limits on exports.

Tariffs raise prices on imports, while quotas set limits on imports.
PLZZ HELP💙💎

Question

Which statement BEST reflects the difference between tariffs and quotas?

Question 7 options:

Tariffs set limits on imports, while quotas raise prices on exports.

Tariffs set limits on exports, while quotas raise prices on imports.

Tariffs raise prices on exports, while quotas set limits on exports.

Tariffs raise prices on imports, while quotas set limits on imports.
PLZZ HELP💙💎

Astro · Answer

Do you know the definition of these two words or any previous information that could help you answer this question?

SmokeyBrown · Answer

Tariff: a tax or duty to be paid on a particular class of imports or exports
Quota: a limited quantity of a particular product which under official controls can be produced, exported, or imported

Based on these definitions (taken from Microsoft's online dictionary), which of the answer choices most closely matches the meaning of each word?