Assignment
1) Use the graph below to answer the following questions.
Describe the following, which are explained in the second tariff video lecture (example: A = Consumer Surplus at the Domestic Price, P1)
1. G =
2. F =
3. C =
4. H =
5. A + B + E =
6. Q2 - Q1 =
7. A + B + C + E + F + G + H =
8. P2 =
9. D =
10. C + D =
2) What are the similarities and differences between tariffs and equivalent quotas?
3) List and describe the arguments that protectionists use to DEFEND Tariffs. Briefly discuss how each argument is wrong.
4) What are the primary concerns related to child labor practices from an Economics perspective?
5) Describe the history, structure and purpose of the World Trade Organization. Who opposes the WTO and why?