Consider the following statements: The equivalance between the effects of a tariff and a quota which limits imports by the same amount depends on the assumption that,1. there are competitive condiditons prevailing abroad.2. there is perfect competition among quota holders.3. there is free competition within the domestic import competing industry. Of these statements

International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. Basicaly, International economics deals with issues arising from economic interaction among sovereign nations