Rules of Thumb Based on Past Experiences That Are Used

question 268

Multiple Choice

Rules of thumb based on past experiences that are used to solve problems are referred to as

• A) trial-and-error methods.
• B) positive test strategies.
• C) algorithms.
• D) heuristics.

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Definitions:

Trade

The exchange of goods or services between individuals, firms, or countries.

Consumer Surplus

The discrepancy between what consumers are prepared and able to spend on a product or service and the actual amount they end up paying.

Tariff

A tax imposed by a government on goods and services imported from other countries, used to control trade volumes and protect domestic industries.

Trade

The exchange of goods, services, or both between parties, which can occur domestically or internationally.