A. Compare the effects of the following licies on domestic prices, volume of trade, and economic welfare. [4+4+2=10 Points ] i. an import tariff on X ii. an import quota on X where licenses are given to domestic producers of X iii. a voluntary export restriction where licenses are given to foreign exporters B. Consider a small open economy with two sectors; X and Y. Suppose that the SOE has comparative advantage as compared to the rest of the world in Y. Furthermore, suppose that X is produced by a monopolist. Compare and contrast an import quota versus a price equivalent import tariff. Which policy is better? Explain your answer. [5 Points] A. Compare the effects of the following licies on domestic prices, volume of trade, and economic welfare. [4+4+2=10 Points ] i. an import tariff on X ii. an import quota on X where licenses are given to domestic producers of X iii. a voluntary export restriction where licenses are given to foreign exporters B. Consider a small open economy with two sectors; X and Y. Suppose that the SOE has comparative advantage as compared to the rest of the world in Y. Furthermore, suppose that X is produced by a monopolist. Compare and contrast an import quota versus a price equivalent import tariff. Which policy is better? Explain your answer. [5 Points]