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What is a quota rent? Why might the existence of quota rents increase corruption? Why might...

What is a quota rent? Why might the existence of quota rents increase corruption?

Why might the cost of protectionism be underestimated?

Who might benefit from quota rents?

And why

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Answer #1

Quota rent is the economic rent which recieved by the owners of imported goods which is subject to quota

Increase in quota might increase corruption this happens only when there involvement of political approach . The politicians are bribe with the money in order to decrease the quota rent .The tarrifs are destroyed In lob buying with the aid of bribe of such corrupt politician

The cost of protectionism be underestimated because if the protectionism is overestimated then there no one will be able to buy the foreign goods and will result in the deadweight loss

The party who recieves the quota rent is benifited from the quota rent normally government recieves it but if Government gives away the right to recieve quota rent than whoever recieves the right of recieving is benefitted

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