Refer to the Information Provided in Figure 33

question 42

Multiple Choice

Refer to the information provided in Figure 33.4 below to answer the question(s) that follow. Figure 33.4
-Refer to Figure 33.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. After the tariff is imposed

• A) domestic production and consumption will increase by 50 wallets and domestic consumption will increase by 50 wallets.
• B) domestic production will increase by 150 wallets and domestic consumption will decrease by 250 wallets.
• C) domestic production will increase by 100 wallets and domestic consumption will decrease by 100 wallets.
• D) domestic production will increase by 50 wallets and domestic consumption will decrease by 50 wallets.

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Definitions:

Dispositional Influences

Refers to personality traits that influence behavior and actions in individuals.

Situational Influences

External factors that can affect an individual's behavior and decisions in a given context, such as social norms and environmental cues.

Self-Serving Bias

Self-serving bias is the common human tendency to attribute positive events to one's own character but attribute negative events to external factors, thereby protecting self-esteem.

Personal Credit

The ability of an individual to borrow money or access goods or services with the understanding that payment will be made in the future.