a) Describe, in detail, the various effects of quota.
b) Illustrate that quota and tariff are more or less similar apart from for the revenue effect.
a) Describe as under what conditions, tariff and quota are equal.
b) Illustrate that the domestic producers producing importable goods favor quota to tariff.
a) Differentiate between the tax and subsidy.
b) Analyze the effects given by the imposition of a tax.
problem 4: Compare and contrast the tax burden of the buyer and seller if:
a) Supply curve is relatively elastic.
b) Supply curve is relatively inelastic.
c) Demand curve is relatively elastic.
d) Demand curve is relatively inelastic.
a) Define the term Excess burden of a tax.
b) Compute the surplus burden of a tax.
c) Describe the methods to lower surplus burden?