ECON: MACRO4
4th Edition
ISBN: 9781305436862
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 3, Problem 4.14PA
To determine
The difference between a tariff and a quota, and the type of section of economy that benefits from and is harmed by such restrictions on imports.
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Would consumers benefit more from a tariff or a quota on imports
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- From the Work It Out Effects of Trade Barriers, you can see that a tariff raises the price of imports. What is interesting is that the price rises by less than the amount of the tariff. Who pays the rest of the tariff amount? Can you show this graphically?arrow_forwardConsider two countries: South Korea and Taiwan. Taiwan can produce one million mobile phones per day at the cost of 10 per phone and South Korea can produce 50 million mobile phones at 5 per phone. Assume these phones are the same type and quality and there is only one price. What is the minimum price at which both countries will engage in trade?arrow_forwardWhat administrative trade policies are in place in Australia that make it difficult for imports to enter?arrow_forward
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