On which of the following assumptions is formal economic theory based?
a. The value of a particular commodity decreases as it becomes more scarce.
b. Only occasionally do people maximize their material well-being.
c. People, when exchanging goods and services, naturally strive to maximize material well-being and profits.
d. Families will compete against each other to assert rights of ownership and allocation.
e. In societies where there is formal market exchange (commercialism), the market will determine all economic activities of individuals.
ANSWER:
c
You might also like to view...
The amount of energy required to produce sufficient food supplies tends to increase with advances in agricultural technology
Indicate whether the statement is true or false
Today citizenship is increasingly seen as a commodity worldwide
a. True b. False
Name the six ethical responsibilities of anthropologists
What will be an ideal response?
As we enter the 21st century, artistic expression
A. within industrialized states is increasingly becoming more isolated and independent. B. finds itself intentionally avoiding the use of multiple expressive media in favor of employing only one medium. C. can be seen to be increasingly incorporating elements from many cultures into contemporary art and performance. D. is disappearing from our cultural repertoire. E. has lost most of its effectiveness.