Explain the Difference Between Nominal and Effective Tariffs

question 15

Essay

Explain the difference between nominal and effective tariffs.

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Definitions:

Behavioral Contrast

A phenomenon where the rate of response varies according to the reinforcement conditions of another behavior.

Sensitization

An increased response to a stimulus following repeated exposures to it.

Habituation

A psychological process where there is a decrease in response to a stimulus after being repeatedly exposed to it.

Higher-order Conditioning

A process where a conditioned stimulus is paired with a new neutral stimulus, causing the new stimulus to also elicit the conditioned response.