Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 24 - International Trade - Review Questions: 12

Answer

The answer is below.

Work Step by Step

Quotas help smaller producers as they do not export a lot of a product anyway, meaning that they do not lose much money. However, tariffs are costly to all exporting producers since they all have to pay the tax.
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