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Answer the following: a) Explain what a tariff is. b) Assume two large countries trading, Home and Foreign. Home imposes a tariff on each unit

Answer the following: a) Explain what a tariff is. b) Assume two large countries trading, Home and Foreign. Home imposes a tariff on each unit of imported good from Foreign. i) Explain what happens to the prices and quantities imported/exported from/to each country after the imposition of tariff. ii) Explain who loses and who gains from the imposition of the tariff in the Home country

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