If a Small Country Imposes a Tariff on Imported Motorcycles

question 34

Multiple Choice

If a small country imposes a tariff on imported motorcycles, the world price of motorcycles will _____ and the domestic price of motorcycles will _____.

• A)rise; fall
• B)fall; rise
• C)remain constant; rise
• D)remain constant; fall

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Definitions:

Project

A planned set of interrelated tasks to be executed over a fixed period and within certain costs and other limitations.

Overconfidence

A cognitive bias where an individual's subjective confidence in their judgments and abilities is greater than their objective accuracy.

Algorithms

Step-by-step procedures or formulas for solving a problem or accomplishing a specific task, often used in computing and mathematics.

Confirmation Bias

The tendency to search for, interpret, and remember information in a way that confirms one's preconceptions, leading to statistical errors.