Rank the following in ascending order of an imposing small country's welfare. If there are any two that are equivalent, explain their equivalencies.
I. a tariff of t in a small country resulting in imports of M units
II. a quota of M units of imports, with the government auctioning quota licenses to the highest bidders
III. a quota of M units of imports in which domestic firms engage in rent-seeking activities
IV. an arrangement in which the exporting country voluntarily agrees to limit its exports to M units

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The Answer of Rank the following in ascending order of an imposing small country's welfare. If there are any two that are equivalent, explain their equivalencies.
I. a tariff of t in a small country resulting in imports of M units
II. a quota of M units of imports, with the government auctioning quota licenses to the highest bidders
III. a quota of M units of imports in which domestic firms engage in rent-seeking activities
IV. an arrangement in which the exporting country voluntarily agrees to limit its exports to M units

Rank the Following in Ascending Order of an Imposing Small