1. Given that tariffs and quotas cost consumers and that they are grossly inefficient means for...

1. Given that tariffs and quotas cost consumers and that they are grossly inefficient means for creating or preserving jobs, why do citizens allow these policies to exist?

2. Which industries are more heavily protected in the United States and Japan? Are high-income or low-income nations more affected by American and Japanese trade barriers? Explain.

Expert Solution

Rahul Sunny answered 1 year ago

Discuss carefully how import tariffs, import quotas, and VERs affect consumers, producers and government revenue in...

Discuss carefully how import tariffs, import quotas, and VERs affect consumers, producers and government revenue in the importing country? Which import barriers is less distorting and why?

When a price ceiling causes an inefficient allocation to consumers, this means that everyone who wants...

When a price ceiling causes an inefficient allocation to consumers, this means that everyone who wants the good can purchase it. TRUE FALSE The marginal physical productivity of labor (MPP) is inversely correlated with marginal cost (MC). TRUE FALSE A market in equilibrium cannot capture any more gains from trade. TRUE FALSE Comparing the utility that one person receives from the consumption of a good to the utility of another person consuming a good is one way to...

Compare and contrast the differences and similarities between tariffs and quotas

Are Import Quotas with no Licensing fee more inefficient that an import quota that has a...

Are Import Quotas with no Licensing fee more inefficient that an import quota that has a licensing fee that only takes a portion of the foreign gains?

a full page answer: 2) Why do economists consider tariffs inefficient? If they are so inefficient...

a full page answer: 2) Why do economists consider tariffs inefficient? If they are so inefficient why are they still prevalent, despite the WTO? What are non-tarriff barriers and why have they become more prevalent?

tariffs and import quotas usually reduce general economic welfare

Argue for or against the U.S. enacting barriers to imports (such as tariffs and quotas). In...

Argue for or against the U.S. enacting barriers to imports (such as tariffs and quotas). In what situation(s) do you think barriers help to develop our national export power, and in what situation(s) do you think it harms our international trade relationships? Provide at least one example from the Internet to support your argument.

What is Quota ? and which one is better for business Quotas or tariffs?

1. a)In your opinion, do quotas and tariffs cause more good than harm for the U.S....

1. a)In your opinion, do quotas and tariffs cause more good than harm for the U.S. economy? Or more harm than good? Why? b)In theory, what are some of the costs imposed by our current Administration’s efforts to raise tariffs and impose stricter quotas on its trading partners?

Explain the role that quotas and tariffs play with international trade and give an example for...

Explain the role that quotas and tariffs play with international trade and give an example for each concept

Question