Answer the following statements true (T) or false (F)
1.When a manufacturing firm uses some imported inputs in the production process, the appropriate measure of protection is the nominal tariff.
2.Assume that Japan is a large country and levies an "optimal tariff." In this case, the tariff's terms of trade effect more than offsets the consumption and production losses and the tariff results in an overall welfare gain for Japan
3.If Venezuela is a small country its terms of trade will improve when it levies a tariff on imports.
4.If Japan is a large country it cannot influence the terms of trade when it imposes a tariff on imports.
5.If a small country levies a tariff on imports, its overall national welfare necessarily falls.
1.False
2.True
3.False
4.False
5.True
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Dawson Electronic Services had revenues of $80,000 and expenses of $50,000 for the year. Its assets at the beginning of the year were $400,000. At the end of the year assets were worth $450,000. Calculate its return on assets.
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