Economic Theory in General, and Trade Theory in Particular Are

question 16

Essay

Economic theory in general, and trade theory in particular are replete with equivalencies. For example, it is argued that for any specific tariff one can find an equivalent ad valorem tariff; and that for any quota one can calculate a tariff equivalent. Discuss conditions or situations under which a specific and an ad valorem tariff are not equivalent. Discuss conditions or situations when a tariff and a quota are not equivalent.

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Definitions:

Community-Based Treatment

A therapeutic approach that provides mental health, social, and educational services within a community setting rather than in-patient or institutional settings.

Diversion From Jail

A legal strategy or program that routes individuals away from jail and into treatment or rehabilitation services, often used for minor crimes and substance abuse cases.

Offender

An individual who has committed a crime or a violation of legal or moral standards.

Substance Abuse

The detrimental consumption of mind-altering substances, such as alcohol and narcotics.