Which of the following is true of a tariff?
a. It is a tax levied by the government on domestic production of goods and services.
b. It is a quantitative restriction on imports imposed by the government.
c. It is a monetary benefit received by exporters from the government.
d. It is a monetary benefit received by importers from the government.
e. It is a tax on import and export levied by the government.
Question 2
When markets reach the ____ price all the opportunities for mutually beneficial trade have taken place and the sum of consumer and producer surplus is ____.
a. minimum, maximized
b. maximum, minimized
c. equilibrium, maximized
d. equilibrium, shared equally between consumers and producers
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