Taxation and International trade
Answer the following questions:
What happens to consumer and producer surplus when the sale of a good is taxed? How does the change in consumer and producer surplus compare to the tax revenue? Explain
How do the elasticities of supply and demand affect the dead weight loss of a tax? Why do they have this effect?
Describe what a tariff is and its economic effects. List five arguments often given to support trade restrictions. How do economists respond to these arguments?
Write a 700-to-900 paper in APA Style answering all questions, and include at least 2 reputable sources.
Describe what a tariff is and its economic effects. List five arguments often given to support trade restrictions.
