A furniture maker used to buy its wood, but has now bought the lumber company. How does this impact GDP?

With a quota, the __________ is greater than the __________

A) loss in producers' surplus; gain in consumers' surplus B) loss in consumers' surplus; loss in producers' surplus plus higher total revenues on the imported goods C) loss in producers' surplus plus higher total revenues on the imported goods; consumers' surplus D) tax; revenue E) quota-determined price; quota-determined output

An ad valorem sales tax can be thought of as

A) a proportional tax. B) not part of the tax base. C) a progressive tax. D) none of the above.