This topic contains a solution. Click here to go to the answer

Author Question: Explain three ways in which imposing a quota on imports may reduce a country's overall economic ... (Read 41 times)

piesebel

  • Hero Member
  • *****
  • Posts: 565
Explain three ways in which imposing a quota on imports may reduce a country's overall economic well-being.
 
  What will be an ideal response?

Question 2

Refer to Figure 7.1. Suppose that instead of 350, Angus earns only 250 by playing the bagpipes, but all other earnings remain the same. Who values the property rights to the air more?
 
  A) Angus
  B) Dudley
  C) They value the property rights equally.
  D) Neither value the property rights.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

scottmt

  • Sr. Member
  • ****
  • Posts: 322
Answer to Question 1

1. Quotas discourage lower-cost imported goods in favor of higher-cost domestic goods and therefore raise prices to consumers. Some of these consumers get priced out of the market and instead by goods they do not like as well.
2. Quotas encourage producers to enter or stay in protected industries, where productive resources would be better used in other industries.
3. Because exports pay for imports, quotas that discourage imports will also reduce exports, damaging the producers of those exports. Also, quotas might encourage retaliation by foreign countries, further damaging domestic exporters.

Answer to Question 2

B




piesebel

  • Member
  • Posts: 565
Reply 2 on: Jun 29, 2018
Gracias!


sailorcrescent

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Excellent

 

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

For a complete list of videos, visit our video library