One reason why consumers are unlikely to be too upset about tariffs is because
A) most consumers benefit from protection.
B) tariffs are an inexpensive way to create jobs.
C) consumer losses are not real losses.
D) the costs are so spread out that no one pays a big share of the total.
Question 2
If the dollar/pound exchange rate is 2/, a Big Mac costs 5 in New York City and costs 4 in London, the pound is ________, and U.S. tourists will be ________.
A) overvalued; better off in London
B) overvalued; better off in New York
C) undervalued; better off in London
D) undervalued; better off in New York
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