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1a. Which of the following effects of a tariff in a small country can be represented as a triangle, assuming that the supply and demand
1a. Which of the following effects of a tariff in a small country can be represented as a triangle, assuming that the supply and demand curves are linear?
A.Deadweight loss due to consumption
B.Government tariff revenue
C.Loss of consumer surplus
D.All of the above
1b. Which of the following models can best explain why there is often political opposition to free trade?
A.Ricardian
B.Specific-factors
C.Gravity
D.Monopolistic competition and increasing returns
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