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Author Question: Carefully explain why tariffs create deadweight losses. What will be an ideal ... (Read 115 times)

melly21297

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on: Jun 30, 2018
Carefully explain why tariffs create deadweight losses.
 
  What will be an ideal response?

Question 2

Russia chose a slow approach to creating a private economy and China chose a fast approach.
 
  Indicate whether the statement is true or false


Melissahxx

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Reply #1 on: Jun 30, 2018
Answer to Question 1

Tariffs reduce domestic consumption and increase domestic production. This means that some consumers that value this good more than its cost are not able to purchase it, which reduces consumer surplus without benefitting anyone. Likewise, domestic producers increase their production, but their costs are higher than world costs. Thus that additional cost of production does not benefit the producers; it is simply a waste of resources.

Answer to Question 2

FALSE


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melly21297

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Reply #2 on: Jun 30, 2018
Thank you


Melissahxx

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Reply #3 on: Jun 30, 2018
No problemo


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