Consider the following statements:
1. A quota is a non-tariff barrier to trade
2. Imposition of quota will result in increased price in the domestic market
3. A quota is a restriction placed on the amount of a product allowed to enter or leave a country
Which among the above statements is / are correct?

Answer: [D] 1, 2 & 3

This question is a part of GKToday's Integrated IAS General Studies Module