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True or False
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1

Tariffs on some products in the United States are as high as 99 percent.
A)TRUE
B)FALSE
2

It is possible for economic welfare in a small country to increase as a result of it imposing a tariff.
A)TRUE
B)FALSE
3

The effective rate of tariff protection for an industry is always the percent tariff paid by consumers on the industry's output.
A)TRUE
B)FALSE
4

The extra cost associated with shifting production to more expensive home production as a result of the imposition of a tariff is called the consumption effect.
A)TRUE
B)FALSE
5

If a country can exert monopsony power in an industry, then tariffs imposed by that country on goods produced in that industry can have an associated terms-of-trade effect.
A)TRUE
B)FALSE





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