The change in the economic welfare of a country associated with an increase in a tariff equals
A) efficiency loss - terms of trade gain.
B) efficiency gain - terms of trade loss.
C) efficiency loss + tax revenue gain.
D) efficiency loss + tax revenue gain + terms of trade gain.
E) efficiency loss - tax revenue gain.
Question 2
Imagine that there are two countries, Home and Far Far Away, and that residents of each own only one asset, domestic land yielding an annual harvest of mangoes. Assume that the yield on the land is uncertain.
Half the time, Home's land yields a harvest of 5,000 tons of mangoes at the same time as Far Far Away's land yields a harvest of 2,500 tons. The other half of the time the outcomes are reversed. The average for each country mango harvest is A) 2500.
B) 2750.
C) 3500.
D) 3750.
E) 3000.
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