Suppose the World Price of Widgets Is $5 Each

question 10

Multiple Choice

Suppose the world price of widgets is $5 each. If a widget-importing country imposed a $2 per widget tariff, what price would that country's consumers pay for widgets?

• A) $3
• B) $7
• C) $5
• D) $10
• E) A price that is greater than $5 and less than $7.

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Definitions:

Indisputable Facts

Information or statements that are accepted as true and cannot be argued against or disputed.

Ethical Thinking

The process of considering actions and decisions in terms of moral values and principles.

Own Ethics

Personal or individual moral principles that govern one's behavior and decision-making.

Kohlberg's Moral Development

A theory that proposes six stages of moral development through which individuals progress as they grow older and gain maturity.