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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