Question;ECO-112 WA5;Assignment 5;1.;Describe both quotas and tariffs. How do they impact domestic prices and;deadweight loss?;How;does an import quota differ from an equivalent tariff?;What;is best for a nation as a whole: a tariff, a quota, or free trade? Explain your;answer.;2.;Give an example of a positive and a negative externality.;Would;a Coasean solution resolve the economic efficiency of the externalities you cited?;Why or why not?;3.;The Coase theorem suggests that efficient solutions to externalities can be arrived;at through bargaining. Under what circumstances does this fail to produce a;solution?
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