Question: 3 Can both (a) and (b) be true? Explain. (a) Tariffs and import quotas promote economic inefficiency and reduce the real income of a nation.

3 Can both

(a) and

(b) be true? Explain.

(a) "Tariffs and import quotas promote economic inefficiency and reduce the real income of a nation. Economic analysis suggests that nations can gain by eliminating trade restrictions."

(b) "Economic analysis suggests that there is good reason to expect trade restrictions to exist in the real world."

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