The tax reform package that eliminated much of the social engineering aspects within the tax code was passed in

Which of the following is likely to happen if the government decides to impose a tariff?

A) Domestic consumers will be better off. B) The revenue earned by the government will decrease. C) Domestic producers will face higher foreign competition. D) The domestic industry will earn higher profits.

When the United States imports goods and services from the rest of the world

A) we receive payments from the rest of the world. B) we make payments to the rest of the world. C) we increase our inflation rate. D) we decrease our inflation rate.