Which of the following is false?
A. Tariffs on imports generate revenue for the government.
B. Tariffs on imports generate government revenue as long as the domestic price is larger than the world price plus the tariff.
C. Tariffs on imports do not generate government revenue if the domestic price is larger than the world price plus the tariff.
D. An import quota does not generate government revenue.
Answer: C
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Which of the following is true of units of utility?
a. Each unit is worth $1. b. They cannot be compared across consumers. c. They apply to goods but not to services. d. They do not exist for very wealthy individuals. e. They are negative for inferior goods.
If a country had a nominal GDP of $800 million, and the GDP Deflator was 95, what is the real GDP?
a. $750 million b. $828 million c. $950 million d. $842 million
In Figure 45.1, the (producer) surplus that employees get at the equilibrium wage-labor combination is 
Figure 45.1
A. ABC. B. BW*C. C. W*AC. D. OACL*.
Deadweight loss refers to
A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. B) the sum of consumer and producer surplus. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. D) the reduction in economic surplus resulting from not being in competitive equilibrium.