What Are the Three Basic Question-Response Formats

question 76

Multiple Choice

What are the three basic question-response formats?

• A) unprobed, probed, and neutral
• B) open-ended, closed-ended, and scaled
• C) open-ended, categorical, and scaled
• D) closed-ended, open-ended, and continuous
• E) open-ended, probed, general

Identify the conditions under which a country becomes an importer or exporter of a specific good.

Understand the mechanisms through which world supply and demand determine world prices.

Analyze the impact of trade restrictions like tariffs and quotas on consumer surplus, producer surplus, and government revenue.

Explain the reasons for and against international specialization.

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Definitions:

Income Effect

The impact of income changes on the demand for goods or services by an individual or within the economy.

Substitution Effect

Describes how consumers react to a change in the price of a good by substituting it with another good that is relatively cheaper.

Income Effect

The income effect refers to the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another more or less expensive.