Problem - Would consumers benefit more from a tariff or a quota on imports? Provide one (1) supporting fact to support your response.
Consider the following weekly production possibilities of gloves and hats in Panama and Russia:
|
|
Russia
|
Panama
|
|
Gloves
|
20
|
180
|
|
Hats
|
80
|
90
|
What is each country's opportunity cost of producing gloves and hats?
If the countries could, should they trade? Provide one (1) supporting fact to support your position.