ECON 101 2Midtermreview

The firms efficiencies technological efficiency

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Unformatted text preview: erstanding: Your friend Brie studying Social Development Studies asks you, “(your name), what is a tariff?” Using your own words, define what a tariff is. (try not to peek into your textbook) _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ Test your understanding! On the graph label (a) the end consumer surplus, (b) the end producer surplus, (c) the deadweight losses, (d) the consumer surplus that transferred to producer surplus - Note, some areas may overlap! Import Quotas When the Canadian government imposes an import tariff on imported T- shirts: §༊ §༊ §༊ §༊ Canadian consumers of T- shirts lose. Canadian producers of T- shirts gain. Importers of T- shirts gain. Society...
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This note was uploaded on 03/29/2014 for the course ECON 101 taught by Professor Vanderwaal during the Spring '08 term at Waterloo.

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