1.- The U.S. imposes a tariff on imported stereos. This tariff would benefit A: retail and...
1.- The U.S. imposes a tariff on imported stereos. This tariff would benefit
A: retail and shipping companies that import foreign-made stereos
B: The US economy as a whole
C: American consumers looking to buy a stereo
D: Stereo producers in the US.
2.- The Deadweight Loss of a tariff is:
A.- Not a welfare loss because society as a whole doesn't pay for the loss
B.- A welfare loss since it reduces the revenue for the government
C.- Not a welfare loss since only business firms suffer revenue losses
3.- If Canada imposes a tariff on imports, Canada's
A.- Terms of trade will worsen and volume of imports will decrease
B.- Terms of trade will worsen and imports increase
C.- Terms of trade will improve and imports increase
D.- Terms of trade will improve and imports decrease
D.- A welfare loss since it promotes inefficient production
Homework Answers
a) "D"
it will benefit the stereo producer in the US .
b) "D"
it is a welfare loss, as it puts a cost on the society in the market.
c) "D"
terms of trade will improve and imports in the market will fall
Add Answer to:
1.- The U.S. imposes a tariff on imported stereos. This tariff
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