(Table: U.S. Demand for and Supply of Widgets) The United States can import widgets from China at $4 each and from Mexico at $5 each. The United States imposes a tariff of $2 on each of its widget imports. Suppose instead that the United States negotiated a free-trade agreement with China. Will the United States be better off or worse off as a result of its trade in widgets in the free-trade area with China? 
Definitions:
Fixed Cost
Expenses that do not change with the level of output or sales, remaining constant even if the business activity varies.
Activity Variance
The difference between what was expected in terms of expenses or revenues for a particular activity level and what was actually realized.
Vehicle Operating Cost
The total expense associated with keeping a vehicle running, including fuel, maintenance, insurance, and depreciation.
Spending Variance
The difference between the actual amount spent and the budgeted amount for a particular expense category in a specific period.
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