Author Question: The practice of imposing import restrictions to protect a newly developing domestic economy ... (Read 96 times)

abern · **on:** Jun 30, 2018

The practice of imposing import restrictions to protect a newly developing domestic economy typically results in:
a. a rapid improvement in the standard of living.
b. expanded trade relations with other nations.
c. lower prices of domestic products.
d. allocation of resources away from the primary products.
e. greater cost efficiency in domestic production.

Question 2

Other things equal, for a given tax, if the demand curve is more elastic,
a. the greater the tax revenue raised and the greater the deadweight cost of the tax.
b. the greater the tax revenue raised and the smaller the deadweight cost of the tax.
c. the less the tax revenue raised and the greater the deadweight cost of the tax.
d. the less the tax revenue raised and the smaller the deadweight cost of the tax.