Economists frequently urge governments of developing countries to replace import quotas with import tariffs as a first step in a strategy that aims to reduce import protection

What is the reasoning offered by economists to support this recommendation to developing countries?

Quotas yield rents that result in domestic groups wasting real resources fighting over these rents and at the same time quotas generate no public revenues.

Economics

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The table above gives the demand schedule for a good. What is the total revenue at point A? At point B? At point C? At point D? At point E?

What will be an ideal response?

Economics

As of 2014, the ratio of exports to GDP for Netherlands was approximately equal to

A) 20%. B) 40%. C) 60%. D) 83%.

Economics