From 1960, the World Average Tariff on Manufactured Goods ________

question 45

Multiple Choice

From 1960, the world average tariff on manufactured goods ________ by 2000.

• A) fell to 4 percent
• B) rose to 10 percent
• C) remained more or less the same
• D) fell to 0 percent
• E) rose to 13 percent

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Definitions:

Utility Function

A mathematical representation of a consumer’s preference ordering over a choice set, used to describe how consumers allocate their income to maximize their satisfaction.

Risk Neutral

An attitude or preference indicating indifference between choices with uncertain outcomes, focusing instead on the expected values.

Risk Averse

A characteristic of preferring to avoid risk, inclining towards guaranteed outcomes over potentially higher-yielding but uncertain ones.

Income

The accumulation of funds, characteristically on a habitual basis, through work or investing.