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5. Trade policies Tariffs and quotas can potentially benefit domestic producers of protected products. Which of the following arguments do economists make? O Nontariff barriers are more economically efficient. O This has almost no effect on foreign consumers and foreign producers. The societal gains from free trade are greater as a result of specialization. The gains to domestic consumers are even higher because of lower prices.

5. Trade policies Tariffs and quotas can potentially benefit domestic producers of protected products. Which of the following arguments do economists make? O Nontariff barriers are more economically efficient. O This has almost no effect on foreign consumers and foreign producers. The societal gains from free trade are greater as a result of specialization. The gains to domestic consumers are even higher because of lower prices.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
Problem 5CQQ
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5. Trade policies Tariffs and quotas can potentially benefit domestic producers of protected products. Which of the following arguments do economists make? O Nontariff barriers are more economically efficient. O This has almost no effect on foreign consumers and foreign producers. The societal gains from free trade are greater as a result of specialization. The gains to domestic consumers are even higher because of lower prices.
Transcribed Image Text:5. Trade policies Tariffs and quotas can potentially benefit domestic producers of protected products. Which of the following arguments do economists make? O Nontariff barriers are more economically efficient. O This has almost no effect on foreign consumers and foreign producers. The societal gains from free trade are greater as a result of specialization. The gains to domestic consumers are even higher because of lower prices.
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