Final exam Flashcards
Confirmation of Bias
a tendency to seek new information that fits existing beliefs
Resistance bias
sticking with decisions even when evidence challenges assumptions
Two phases within the prospect theory?
- Editing- Framing of options and probabilities of outcomes
2. Evaluation- Assessment, and choice
Endowment Effect
an attachment to what you have
Certainty Effect
“Russian Roulette”
What is Mercantilism?
Economic Interpretation of Realism/ Politics determines economics
What are protectionism’s motives?
- Domestic Political pressure
- Infant industries
- Provide Domestic Industries with time to adapt to market changes
- National security
- An effort to fend off predatory practices
Mercantilist policies are:
- Emphasis on Trade surpluses
- Promotion and protection of Domestic
- Promotion of industry over Agriculture
What are protective tariffs?
Taxes on imported goods designed to discourage consumers from purchasing them
What is a specific fee?
The flat rate charged per item
What is an Ad Valorem?
based on value of item
What is an import quotas?
sets limits on quantities of product that can be brought into the country.
What is a global quota?
limit based on total from all sources
What is an allocated quota?
limits distributed among different sources
Export controls
limits placed on products that may be sold to consumers in other countries
