Who benefits and who loses from a tariff

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1. Who benefits and who loses from a tariff? What is the new outcome for society?

2. What disadvantages exist if your country has a strong currency?

3. Consider the following table for the neighboring nations of Quahog and Pawnee. Assume that the opportunity cost of producing each good is constant.

a. What is the opportunity cost of producing meatballs in Quahog? What is the opportunity cost of producing clams in Quahog?

b. What is the opportunity cost of producing meatballs in Pawnee? What is the opportunity cost of producing clams in Pawnee?

c. Based on your answers in parts (a) and (b), which nation has a comparative advantage in producing meatballs? Which nation has a comparative advantage in producing clams?

Reference no: EM131298719

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