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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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