Problem
During the Napoleonic Wars, Britain blockaded North America, seizing U.S. vessels and cargo and impressing sailors. At President Thomas Jefferson's request, Congress imposed a nearly complete-perhaps 80%-embargo on international commerce from December 1807 to March 1809. Just before the embargo, exports were about 13% of GNP. Due to the embargo, U.S. consumers could not find good substitutes for manufactured goods from Europe, and producers could not sell farm produce and other goods for as much as in Europe. According to Irwin (2005), the welfare cost of the embargo was at least 8% of the U.S. gross national product (GNP) in 1807. Use graphs to show the effects of the embargo on a market for an exported good and one for an imported good. Show the change in equilibria and the welfare effects on consumers and firms.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.