Econ452 Learning unit 11 - part 2 - 2021 spring

This document provides an overview of various instruments of trade policy, including non-tariff barriers and their effects. It discusses how quotas, export subsidies, import quotas, and voluntary export restraints influence trade flows and impact welfare. Transportation costs are also examined as they can act as a non-tariff barrier by raising import prices. The impacts of these policies are evaluated in terms of how they affect producer and consumer surplus within countries.