The practice of buying a firm's good in one market at a low price and selling it in another market for a higher price in order to profit from the price difference is known as

Suppose the U.S. dollar is backed by one-sixth of an ounce of gold and the British pound is backed by one-third of an ounce of gold. The exchange rate between the U.S. dollar and the British pound equals ________ per pound

A) $0.50 B) $1.00 C) $1.50 D) $2.00

Who most clearly gains from a tariff on imports?

a. Consumers in the importing country b. Producers in the exporting country c. The government in the exporting country d. Producers in the importing country