Exam 2Multiple ChoiceIdentify the choice that best completes the statement or answers the question.____1.When a country allows trade and becomes an importer of a good,a.both domestic producers and domestic consumers become better off.b.domestic producers become better off, and domestic consumers become worse off.c.domestic producers become worse off, and domestic consumers become better off.d.both domestic producers and domestic consumers become worse off.
____2.When a country that imports a particular good imposes an import quota on that good,
____3.The sign on a church in your neighborhood reads “All are welcome at Sunday Service.” Because the church has limited seating and is usually full, the Sunday Service is
Figure 10-1____4.Refer to Figure 10-1. This graph represents the tobacco industry. The socially optimal price and quantity are