When the World Price Is Below the Domestic Price, the Elimination

question 62

Multiple Choice

When the world price is below the domestic price, the elimination of a tariff decreases domestic production and provides a benefit because:

• A) it causes unemployment when workers are laid off.
• B) it makes producers better off.
• C) no one is harmed by the decreased production, and everybody pays lower prices.
• D) it frees up resources that can be used to produce other goods and services.

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