ecn306 test 2 nothes

ecn306 test 2 nothes - imports to the tariff amount...

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Consumer Surplus - refers to the difference between the amount that buyers would be willing and able to pay for a good and the actual amount they do pay Small Nation- a nation who’s imports constitute a very small portion of the world market supply. Revenue effect – represents the governments collections of duty found by multiplying the number of
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Unformatted text preview: imports to the tariff amount. Redistributive Effect – The transfer of consumer surplus, in monetary terms, to the domestic producers of the import competing product. Protective Effect – illustrates the loss to the domestic economy resulting from wasted resources used to produce additional autos at increasing unit costs....
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