How does a restriction on importing goods affect consumers

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A. How does a restriction on importing goods affect consumers? What about firms? Consider raw goods coming in from international waters to make or manufacture products. For instance, chocolate is an expensive raw material. Cocoa beans are not a product farmed in the U.S. so the raw material comes abroad. It is expensive to import these items in the U.S. and they are also a commodity. We seen recently Mars Chocolate company move to Mexico.

B. Do you think this is because of a quota or a tariff issue? Do you find that countries who raise tariff quotas are only hindering economic growth in their own country? Consider Cuba and the way they have reluctantly traded in their country.

Reference no: EM131242535

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