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Tariffs or quotas for the world economy

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Reference no: EM131415589

The economics term for the behavior of firms to get the government to subsidize or protect their industry is "rent seeking." What examples of rent seeking have you observed?

Why is a quota more detrimental to an economy than a tariff that results in the same level of imports as the quota? What is the net outcome of either tariffs or quotas for the world economy?

Reference no: EM131415589

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