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.

---

Definitions:

Metacom

Also known as King Philip, a Native American leader who waged King Philip's War against the New England colonists in 1675-1676.

Uprisings

Organized instances of rebellion or resistance against authority, often by oppressed groups seeking political, social, or economic change.

Witchcraft Scare

A period of mass hysteria and panic over alleged witchcraft, often leading to trials and executions.

English Civil War

A series of armed conflicts and political machinations between Parliamentarians ("Roundheads") and Royalists ("Cavaliers") in England in the mid-17th century, culminating in the trial and execution of King Charles I.