Economic Analysis of Social Issues 1st Edition by Alan Grant

Exercise 10

If the same American painter as in problem purchases his art supplies from an Italian wholesale art supply shop that ships supplies globally, those art supplies are ________.
A) Deadweight losses
B) Tariffs
C) Exports
D) None of the above
Problem :
An American painter sells to an individual in Italy one of his paintings of the Mississippi river at dusk. To Americans, the painting is a(n) ________.
A) Deadweight loss
B) Import
C) Quota
D) Export