Reference no: EM133144188
Please answer the question below in focusing on giving me simple straightforward writing and points. Make it simple, clear and easy to read. Also, in questions 5 and 6 please give me your own opinion without any research after reading the article was given.
1. What are tariffs?
2. How do tariffs affect the cost of an imported product? Which two parties (or stakeholders) would primarily bear the cost of the tariff theoretically?
3. What are some benefits to a country implementing tariffs on imported goods? What stakeholder benefits from the tariffs? Who pays for those benefits in theory? (i.e. what are the downsides?)
Read the following webpage to give you further insights: https://www.economicshelp.org/trade2/benefits_free_trade/
4. What are the benefits of countries engaged in pure free trade?
Canada has extremely high tariffs on imported dairy products and subsidizes Canadian diary farmers. The cost of dairy in Canada is generally very high compared to the United States and other countries as a result of this policy. In return for an uncompetitive marketplace and high cost of dairy to Canadians, over 10,000 Canadian farmers have an average net worth of over $5 million CAD and make an average annual income of $160,000 per year (Macleans, based on 2016 data). The average income is $48,000 CAD for the working age average (Statistics Canada, 2018). Dairy farms in Canada also provide jobs to over 100,000 Canadians per year.
Read the following article: https://www.macleans.ca/economy/the-truth-about-dairy-farming-in-canada/
5. Do you think Canada's dairy industry policies are fair? Would you consider making changes to this policy? Why?
6. What might be the consequences of allowing free trade on our dairy industry? List some potential benefits and drawbacks. Could there be some middle ground when considering alternative systems?
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