Consider the following statements with reference to tariffs and quotas:
1. While tariffs directly impact the value of imports, quotas aim to curb the volume of imports.
2. Both tariffs and quotas restrict imports and protect the domestic firm
Which of the above-mentioned statements is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2
5
Question Not Attempted