Answer the following questions in essay format. Be specific in your answer.
- Explain the various impacts of an import tariff in small nations vs. large nations.
- What are the three main reasons governments prefer using a tariff to restrict imports versus quotas?
- Should our government use a weak dollar exchange rate policy to make imports more expensive in order to help our exporters?
- What roles do the IMF and WTO play in trade and the use of tariffs?