Assignment:
Q1. Suppose the tariff were levied solely on imported crude. In an integrated world economy, who would be hurt? Who would benefit? Why? What would be the longer-term consequences?
Q2. If a $10/barrel tariff were levied on imported refined products (but no tariff were levied on crude oil), who would benefit? Who would be hurt? Why? What would be the longer-term consequences?
Q3. What would be the economic consequences of the combined $5/barrel tariff on imported crude and a $10/barrel tariff on refined oil products? How will these tariffs affect domestic consumers, oil producers, refiners, companies competing against imports, and exporters?
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.