In economic terms, tariffs are preferred to quotas because
A) domestic manufacturers gain more producer surplus.
B) there is less loss of consumer surplus.
C) quotas create a greater production inefficiency.
D) given the way quotas are usually administered, tariffs cause a smaller net national welfare loss.
Question 2
Three forces played a significant role in preparing Indian policy makers for economic reform. Describe them.
What will be an ideal response?