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Multiple Choice
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1

Tariff results in deadweight losses. Those deadweight losses are called the:
A)consumption effect and the production effect.
B)terms-of-trade effect and the production effect.
C)terms-of-trade effect and the consumption effect.
D)terms-of-trade effect and monopsony power.
2

A 20% per unit tax on an imported good would be called a(n):
A)ad valorem tariff.
B)specific tariff.
C)positive tariff
D)negative tariff.
3

A $1.56 per unit tax on an imported good would be called a(n):
A)ad valorem tariff.
B)specific tariff.
C)positive tariff
D)negative tariff.
4

Benefits of a tariff on an imported good usually accrue to:
A)foreign consumers.
B)domestic consumers.
C)foreign producers.
D)domestic producers.
5

It takes $200,000 worth of steel to produce a small private jet worth $1,000,000. The nominal tariff rate for steel is 10%. The nominal tariff rate for a small jet is 20%. What is the effect rate of tariff protection?
A)22.5%
B)25%
C)27%
D)97.5%





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