The larger the U.S. imposed per unit import tariff on a good imported and produced in the U.S.,
A) the smaller the U.S. consumer surplus.
B) the larger the U.S. producer surplus.
C) the larger the government revenue.
D) All of the above.
D
Economics
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The income elasticity of demand for all goods taken together must be
A) zero. B) -1. C) +1. D) between 0 and 1.
Economics
The amount that individuals would have been willing to pay, minus the amount that they actually paid, is called:
a. producer surplus. b. consumer surplus. c. total surplus. d. demand surplus.
Economics