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    Import Quotas

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    The U.S. government imposes a quota on lamb imports from New Zealand and Australia. New Zealand and Australia have lobbied the U.S. government for an increase in the quota. What is the counter argument put forth by the U.S. government? Which argument is really and example of rent seeking?

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    The reason why the U.S. government does not increase the quota is that they are trying to protect their domestic market for both lamb and other beef products. If they increase the quota, ...

    Solution Summary

    The solution discusses the quota on lamb and the counter argument put forth by the U.S. government.