USCitizens Pay $5 Billion More Annually for Shoes and Japanese

question 78

Multiple Choice

U.S.citizens pay $5 billion more annually for shoes and Japanese citizens pay $6 billion more for rice than the actual cost of the products because

• A)both countries have suffered major financial crises due a severe trade imbalance.
• B)both countries have imposed tariffs on imported goods to protect their domestic markets.
• C)both countries have imposed limits on the quantity of these goods that can leave their respective domestic markets.
• D)both products are considered essentials and as a result are more heavily taxed.
• E)these products were purchased at a lower price from nations that currently are under governmental sanctions.

Describe the efficacy and structure of alternative dispute resolution methods, including mediation, early neutral case evaluation, and arbitration, and their advantages over traditional litigation.

Understand various identity statuses theorized by James Marcia and their characteristics.

Recognize Erik Erikson's stages of psychosocial development and their significance during adolescence.

Differentiate between sexual identity and sexual orientation.

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Definitions:

Perfect Competition

A market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller can affect prices.

Marginal Cost (MC)

The increase in total cost that results from producing 1 more unit of output. Marginal costs reflect changes in variable costs.

Marginal Cost

The financial increment incurred by the production of an extra unit of a product or service.

Average Total Cost

It refers to the total cost per unit of output, calculated by dividing the total cost of production by the number of units produced.