Restricting imports of Brazilian shoes will
a. raise the price of both Brazilian and domestically produced shoes
b. raise the price of Brazilian shoes but lower the price of domestically produced shoes
c. lower the price of Brazilian shoes but raise the price of domestically produced shoes
d. lower the price of both Brazilian and domestically produced shoes
e. benefit the producers of shoes in Brazil
Question 2
Which of the following is true of import tariffs and quotas?
a. They benefit domestic producers.
b. Domestic consumers gain because they purchase the output of domestic firms.
c. Specialization and comparative advantage are advanced by tariffs and quotas.
d. They tend to expand the volume of world trade.
e. Because they increase the output levels of domestic firms, they tend to lower domestic prices.
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Photographer unknown, Man with Big Shoes.
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