Question

In: Economics

23. what group in a country lose as a result of a tariff? a.gavernment b. domestic...

23. what group in a country lose as a result of a tariff?

a.gavernment

b. domestic producers

c. Domestic consumers

d. all of above lose

24. What insight has experimental economics given to the field of economics?

25. Which of the following is true at equilibrium?

a. all of above

b. unexploited gains from trade remain in the market

c. producer surplus is maximized

d. quantity supplied equals quantity demanded

26. A new tariff is placed on imported cars in the amount of $2,000 per car. if 900,000 cars were imported before the tariff and 825,000 are after the tariff then

a. the government gets tariff revenue of $150 million

b. consumers surplus decreases by $1.8 billion

c. the government gets tariff revenue of $1.65 billion

d.75,000 more domestic cars are sold after the tariff

27. Tariff produce deadweight losses due to

a. a reduction in the number of trades

b. domestic producer profits increasing

c. an increase in imports

d. the government receiving tax revenue

Expert Solution

Rahul Sunny answered 1 year ago

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