A limit imposed on the volume of total imports of a particular good is known as quota.
A quota is a trade restriction imposed by the government that limits the number or monetary value of goods that a country can import or export during a specific time period. Quotas are used in international trade to help regulate the volume of trade between countries. Quotes on specific products are sometimes imposed by countries in order to reduce imports and increase domestic production. In theory, quotas increase domestic output by limiting foreign competition.
Quotas are more effective than tariffs at restricting trade, especially when domestic demand is not price sensitive. Tariffs may be less disruptive to international trade than quotas. They can be used as a coercive economic weapon if applied selectively to different countries.
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