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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Suppose the U.S. government wants to curtail imports. Would it be likely to favor a tariff or a quota to accomplish its objective? Why?

To determine

Most effective measure to curtail import.

Explanation

Both the tariff and quota can be used to curtail the volume of import. Tariff limits the imports by increasing the import cost in terms of money, whereas quota limits the import by...

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