Which of the following is true?
i.Compared to a no-trade situation, exports make consumers better off.
ii.Tariffs make consumers worse off.
iii.Trade is restricted because protection brings small losses to a large number of people and large gains to a small number of people.

Question

Quizplus · Accepted Answer

Tariffs generally increase prices for consumers, making them worse off. Trade restrictions often benefit a small group (e.g., certain industries) while imposing costs on a larger group (consumers), leading to protectionist policies.

Which of the Following Is True