Tariffs and quotas are different in the sense that
a. tariffs cause deadweight losses, while quotas do not cause deadweight losses.
b. tariffs raise revenue for the government, while quotas do not raise revenue for the government.
c. tariffs enhance the well-being of domestic consumers, while quotas diminish the well-being of domestic consumers.
d. tariffs enhance the well-being of domestic producers, while quotas diminish the well-being of domestic producers.
b
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Which of the following is a macroeconomic factor that contributed to the financial crisis in 2007?
A) Global saving and investment imbalances B) Financial market innovation C) Deeper levels of integration across financial markets D) Challenges and failures in financial regulation
Suppose the economy is self-regulating, the price level is 150, the quantity demanded of Real GDP and the quantity supplied of Real GDP in the short run both equal $4.3 trillion, and the quantity supplied of Real GDP in the long run is $4.1 trillion. Given all of this information, we can conclude that the economy ____________ in short run equilibrium, and that the price level in long run
equilibrium will be _____________ than 150. A) is not; less B) is; more C) is; less D) is not; more
The most important reason for why some people have higher incomes than others is
A. employment discrimination. B. differences in wages and salaries. C. property income. D. government transfer payments.
What is the GNP using the table shown? In billions of dollarsConsumption3,600Investment800Transfer payments750Government Purchases1,000Exports650Imports450Net foreign factor income?30
A. 6,220 B. 6,250 C. 5,570 D. 5,630