Which of the following statements about tariff rate quota is NOT correct?
A.
It allows a limited quantity of specified merchandise into a country at a reduced duty rate during a specified period.
B.
This is a system of multiple tariff rates applicable to a same product.
C.
It means that the lower ratiff rates apply up to a quota of imports, and the higher rates are charged on imports which exceed the quota amount.
D.
It can only be defined in terms of value.