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Explain some unintended consequence of quotas

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Reference no: EM131897160

WTO had a tariffication process through which countries substituted their import quotas with tariffs. This is because economists usually think that quota is more inefficient for the global economy than an import tariff. Why is import quota more inefficient? Using two real-world examples, explain some unintended(and undesirabel) consequence of quotas.

Reference no: EM131897160

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