A tariff is
a. a tax on financial transactions
b. a tax on either imports or exports
c. the result of a treaty
d. a penalty imposed on importers of capital
e. an agreement between countries to limit trade
B
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If sellers of good cars and sellers of lemons both offer a warranty on their cars, consumers will then be able to tell which cars are the lemons
Indicate whether the statement is true or false
Projection bias:
A. is the tendency to evaluate future consequences based on tastes and needs at the moment of the decision making. B. is the tendency to project future states of mind into the present. C. can lead people to overestimate their adaptability. D. All of these are true about project bias.
A consumer's demand for a product increases because other consumers own it. This is an example of: a. bandwagon effect
b. a negative network externality. c. snob effect. d. none of the above
If a price ceiling is a binding constraint on a market, then
a. the equilibrium price must be below the price ceiling. b. the quantity supplied must exceed the quantity demanded. c. sellers cannot sell all they want to sell at the price ceiling. d. buyers cannot buy all they want to buy at the price ceiling.