________ is an experiment that tests the significance of fairness in consumer decision making
A) The ultimatum game B) The fairness challenge
C) The consumer choice paradigm D) The Giffen paradox
A
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Assume that initially country A exchanges three barrels of oil for one ton of steel from country B. Later the arrangement changes to four barrels of oil for one ton of steel. This indicates that:
a. the terms of trade for country B have improved. b. country A has a comparative advantage in the production of steel. c. the relative price of steel in terms of oil has fallen. d. the terms of trade for country A have improved. e. country B has an absolute advantage in the production of oil.
Tariffs and quotas are often imposed when a government is more responsive to __________ interests, and the benefits of those trade restrictions are often __________
A) consumer; concentrated B) consumer; widely dispersed C) producer; concentrated D) producer; widely dispersed