Discuss circumstances under which tariffs and quotas have equivalent effects, and circumstances under which they do not.
Question:
Discuss circumstances under which tariffs and quotas have equivalent effects, and circumstances under which they do not. Pay particular attention to
(i) Issues of tariff revenue,
(ii) The possibility of black markets or bribes in the allocation of quotas, and
(iii) The lack of information that the policymaker may have about the economy.
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Tariffs and quotas can have equivalent effects under certain circumstances but they can also have different impacts depending on the specific context ...View the full answer
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