Reference: Ref 9-3 (Figure: Foreign Trade) Refer to the Figure

question 64

Multiple Choice

Reference: Ref 9-3 (Figure: Foreign Trade) Refer to the figure. What is the dollar value of wasted resources as a result of prohibiting trade in this market?

• A) $30,000
• B) $5,000
• C) $2,500
• D) $22,500

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Definitions:

Cognitive Consistency Theories

Theories in psychology that suggest individuals are motivated to maintain consistency among their cognitions (beliefs, attitudes, and perceptions).

Inconsistencies

Situations or statements that are not in agreement, lack compatibility, or are full of contradictions.

Individuals

Distinct or separate entities, often referred to in the context of singular human beings.

Cognitive Dissonance

The psychological discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.