A tariff makes the total economy
A) better off because it increases the domestic production of the good.
B) better off because it decreases the deadweight loss from international trade.
C) worse off because it creates a deadweight loss.
D) worse off because it creates revenue for the government.
E) worse off because it decreases both domestic consumer surplus and domestic producer surplus.
Question 2
A business firm should refuse to sell any item for which it cannot obtain a price at least as large as what
A) it cost the firm to produce the particular item.
B) it costs the firm on average to produce the item.
C) it would cost the firm to produce another item identical to the item being sold.
D) the item will be worth to the firm if not sold.
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