Which of the following statements is true?
a. Free trade benefits a country when it exports but harms it when it imports.
b. "Voluntary" limits on Canadian exports of hogs are better for the United States than U.S. tariffs placed on Canadian hog exports.
c. Tariffs and quotas differ in that tariffs work like a tax and therefore impose deadweight losses, whereas quotas do not impose deadweight losses.
d. Free trade benefits a country both when it exports and when it imports.
d
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Labor productivity depends on the
a. quality of the labor b. the amount of capital c. the amount of natural resources d. the amount of other inputs, such as technology e. All of the answers are correct
Which of the following shows an accurate difference between (A) perfect competition and (B) monopolistic competition?
a. (A) Price is more than ATC; (B) Price is equal to ATC. b. (A) Firms are productively inefficient; (B) Firm are productively efficient. c. (A) Price equals marginal cost; (B) Price is more than marginal cost. d. (A) Firms are allocatively inefficient; (B) Firms are allocatively efficient.