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Tariffs indirectly limit imports by imposing taxes on imported items whereas quotas directly limit the quantity of imports. Compare and contrast tariffs and quotas in their effects on the U.S. economy in areas such as gross domestic product (GDP), inflation, employment or unemployment, producers and workers, consumers, and economic welfare. Are you in favor of tariffs and quotas or against them? Explain your reasoning.
Minimum of 300 words.
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