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Tariffs are a tax on imports. Quotas are a cap on imports. Both policies have the same effect: reducing foreign competition. This leads to higher prices on both foreign and domestic goods. Domestic producers and their workers are helped, but foreign producers and domestic consumers are hurt by these policies.
Trade barriers tend to do more harm than good. So why have them?
They protect against unfair labor practices.
They protect key industries important for national defense.
They protect jobs we have now.
But all of this comes at the expense of higher prices and foregone opportunities.
If we buy more stuff from other countries than they buy from us, does that mean we are losing money? No. If foreigners don't buy our stuff, they're only other option with the money we give them is to invest it in our economy. That's great for us, but plays an even bigger role for developing countries.
Answer each question on a piece of paper. Then watch the solution video. Trust me, I make the answer look easy. If you don't try it first, you won't build up your mechanism for answering Assessment questions.