1. Quotas and tariffs can:
Yield the same amount of tax revenue if they are set appropriately.
?Have the same effect on the price of domestically produced goods if they are set appropriately.
?Both increase international trade by the same amount if set appropriately.
?Never have the same effect on imports and import prices.
2. ?Macroeconomics is:
?The study of pricing policies of firms and the purchasing decisions of households.
?The study of aggregate economic relationships.
?An analysis of economic reality that proceeds from the parts to the whole.
?The study of individual choice and how that choice is influenced by economic forces.