Nuisance Tariffs

question 46

Multiple Choice

Nuisance tariffs

• A)annoy the importers with red tape and administrative paperwork.
• B)are a historical anomaly.
• C)are fond in developed nations more than in developing nations.
• D)have no point other than to indicate that tariffs regulations change quickly.

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Definitions:

Prevailing Wage

The average wage paid to similarly employed workers in a specific region, occupation, or industry.

Marginal Utility

The supplementary benefit or satisfaction a person derives from the consumption of one more unit of a good or service.

Optimal Time Allocation

The most efficient distribution of one's time across various activities to maximize overall benefit.

Substitution Effect

The change in the quantity of a good consumed as the consumer substitutes other goods that are now relatively cheaper in place of the good that has become relatively more expensive.