Describe the impact that trade restrictions such as tariffs and quota have on the price of imports, the quantity of imports, and the price of import-competing domestic goods.© BrainMass Inc. brainmass.com June 4, 2020, 1:24 am ad1c9bdddf
Tariff is a tax imposed on imported products. Quotas are limits on the quantity of product that a country can export. Both of these trade barriers increases the price of imported products. For example, due to high tariff (sometimes 100% tariff) selling price of imported cars sold in the Philippines are ...
This solution discusses the impact that trade restrictions (tariffs and quotas) have on the price of imports, the quantity of imports, and the price of (import-competing) domestic goods.