If the United States imposed a 25 percent tariff on imports of minivans, the effect would be to Select one: a. raise the price and reduce the quantity of imports. b. raise the price and the quantity of imports. c. lower the price and the quantity of imports. d. raise the quantity and reduce the price of imports.

The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?