Tariffs create deadweight losses and destroy wealth, whereas quotas increase cooperative surplus and create wealth

When the monopoly firm is able to charge a higher price, the amount of ________ also increases, thus magnifying the importing nation's __________.

a. quota rents; losses b. comparative advantage; gains from trade c. profits; welfare d. protection; employment gains

The region of the U.S. that benefited least from and fought hardest against raising tariffs in the first half of the nineteenth century was

(a) New England. (b) the Middle Atlantic states. (c) the South. (d) the West.