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Compare and contrast the impact of a nation having no tariff on a product to a situation where it imposes a tariff on a product.

Compare and contrast the impact of a nation having no tariff on a product to a situation where it imposes a tariff on a product. Explain the winners and losers from the tariff and what they gain or lose exactly. Does the nation as a whole win or lose with a tariff and why? What should a nation do in regards to tariffs and why?

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