The Metaphor Used to Describe the Working of the Price

question 76

Multiple Choice

The metaphor used to describe the working of the price system to achieve efficiency in a free market is

• A)Occam's razor.
• B)the prisoner's dilemma.
• C)the invisible hand.
• D)the benefit principle.

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Definitions:

Tariff Rates

The taxes imposed by a government on imported or, less commonly, exported goods, often used to protect domestic industries or to generate revenue.

Import Quotas

Limits imposed by a government on the quantity or value of certain goods that can be imported into a country during a specific time.

U.S. Exports

Goods or services produced in the United States and sold to other countries, contributing to the country's economy and trade balance.

Plasma TVs

A type of television display technology that utilizes small cells containing electrically charged ionized gases to produce images.