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Evaluate the effects of an import tariff by the government of a small country. Explain in detail the effects of an import tariff on the

  1. Evaluate the effects of an import tariff by the government of a small country. Explain in detail the effects of an import tariff on the economic welfare of the small country. (6 marks)

  1. Describe the potential advantages to the economy if the government offers an export subsidy (5 marks)

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