In 1990, the United States and its allies imposed trade embargoes on exports/imports to/from Iraq in response to its invasion of Kuwait.The embargoes would induce smaller losses in Iraq's consumer surplus the

Question

Quizplus · Accepted Answer

If Iraq is less dependent on foreign products, then the trade embargoes will have a smaller impact on its consumer surplus because it will be able to rely on its own domestic production or find alternative sources of imports.

In 1990, the United States and Its Allies Imposed Trade