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Problem Set #6 Macro Unit 6: International Trade and FOREX 1. /22 Points)Trade Barriers a. Explain the difference between a protective tariff & a revenue

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Problem Set #6 Macro Unit 6: International Trade and FOREX 1. /22 Points)Trade Barriers a. Explain the difference between a protective tariff & a revenue tariff and give an example using numbers. ( /4) b. Explain how the following work as trade barriers: Quotas, Standards, and Subsidies ( /6) c. Discuss how & why embargoes are used (_/2) d. What are the views of protectionists? Free traders? ( 14) e. What is a trading bloc? How do trading blocs benefit member nations? Give three examples of trading blocs. ( /6)

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