Elucidate the difference between tariffs and quotas

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Reference no: EM1361658

a) The US government reported in July 2004 that there were 75.6 million people not in the labor force; 147.9 million in the civilian labor force, and 139.7 million employed. Based on these numbers, what was the unemployment rate? (show work and formula).

b) Elucidate the difference between tariffs and quotas. Who is harmed and who benefits by this restriction on trade?

c) What are two economic advantages and two economic disadvantages of adopting a common currency, such as the euRO?

Reference no: EM1361658

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