Corporations obtain funds when their previously issued stock is traded

In economic terms, tariffs are preferred to quotas because

A) domestic manufacturers gain more producer surplus. B) there is less loss of consumer surplus. C) tariffs are easier to administer. D) quotas create a greater production inefficiency. E) given the way quotas are usually administered, tariffs cause a smaller net national welfare loss.

The economic role of the legal system might best be described as

A) promoting the productive efficiency of competitive markets. B) identifying and producing public goods. C) establishing the "rules of the game" and acting as a referee when disputes arise among market participants. D) identifying and producing merit goods.