Economics 1022A/B Lecture Notes - Lecture 9: Capital Accumulation, Tim Hortons, Lawrence Summers
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22 Mar 2016
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ECON 1022A/B Full Course Notes
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Macroeconomics: consumers lose if goods are exported as they pay a higher price, and, producers lose if goods are imported as they receive a lower price, so, governments oten will restrict trade through: Is a tax on goods produced abroad and sold domesically. Imposed by the imporing country when the good crosses its boundary. Raises the price of imported goods above the world price by the amount. The efects of an import quota: an import quota is a limit on the quanity of a good that can be imported (produced abroad and sold domesically) The lessons for trade policy: if government sells import licenses for full value, revenue equals that of an equivalent tarif and the results of tarifs and quotas are idenical, both tarifs and import quotas. Other import barriers: health, safety, and regulatory barriers. Restricted imported goods that do not meet our standards or guidelines. Intent is not to limit trade, but it has that efect.
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