Which of the following is true of a tariff? a. It is a tax ...

[JMatthes]

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

[nathang24]

Answer to Question 1

e

Answer to Question 2

c