When the world price is below the domestic price the elimination of a tariff dec

Question

When the world price is below the domestic price the elimination of a tariff decreases domestic production and provides a benefit because Select one it causes unemployment when workers are laid off no one is harmed by the decreased production, and everybody pays lower prices it frees up resources that can be used to produce other goods and services it makes producers better off. The losses from trade protection include Select one both deadweight loss and wasted resources deadweight loss only wasted resources only neither deadweight loss nor wasted resources Which of the following would be recorded as a credit in the U.S. current account ? Select one United States sends $10 million in foreign aid to Somalia. United States imports $1 worth of tobacco from Mexico United States exports $5 million in to Canada British financial investments m the United states pay higher dividends

Explanation / Answer

28. C it frees up resources that can be put on better use.

29. A both dead weight loss and wasted resources

30 C. U.S exports $5 millions of corn to Canada

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And If you liked the answer then please do review the same. Thanks :)

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