Show graphically the effects of a tariff on imports, domestic production, domestic consumption, imports, prices, consumer welfare, producer welfare, government revenue, and overall economic welfare. Evaluate and explain this statement. Tariffs can never raise a country s standard of living.
Free trade is bad for the environment.
In the long run, free trade raises the overall level of employment. Evaluate this statement. Evaluate this statement. Countries sometimes enter into economic agreements such as trade blocs in order to minimize trade-related problem.