Tariffs, import quotas, and export subsidies are the three sets of tools that governments commonly use to
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Question:
- Tariffs, import quotas, and export subsidies are the three sets of tools that governments commonly use to restrict international trade to protect domestic producers from foreign competition.
- (3.a) Briefly define and explain tariffs.
- (3.b) Briefly define and explain import quotas.
- (3.c) Briefly define and explain export subsidies.
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