Suppose Winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. One day, after deciding to be his own boss, he quits his job and uses his financial assets to establish a consulting business, which he runs out of his home. To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. What are Winston's accounting profits?

As a result of a tariff on an imported good,

a. domestic producers are better off because they sell more goods at the same price. b. domestic producers are better off because they sell more goods at a higher price. c. domestic producers are better off because they sell the same quantity of goods at a higher price. d. domestic consumers are better off because there are more domestically produced goods available. e. domestic consumers are neither better off nor worse off because imports do not change.

When economic efficiency is attained, it implies all of the following, except:

A. Per-unit cost of output produced is at minimum B. Allocative efficiency is achieved C. Total consumer and producer surplus is at a maximum D. The gap between marginal benefits and marginal costs of production is at maximum