The Basic Difference in the Economic Effects of a Tariff

question 17

Multiple Choice

The basic difference in the economic effects of a tariff compared with a quota is that a:

• A)quota generates revenue for the government.
• B)tariff generates revenue for the government.
• C)tariff raises product prices, but a quota does not raise product prices.
• D)quota raises product prices, but a tariff does not raise product prices.

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Definitions:

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