Subsistence production is
a. produced on the farm for a city market
b. produced for export
c. produced for sale to neighboring villages
d. produced for consumption by the producer
e. none of the above.
D
You might also like to view...
Dose-response functions for environmental hazards
a. always have thresholds c. must arise from the origin b. are strictly linear d. none of the above
Junior collects baseball cards. He owns one Felix Hernandez card that sells in most shops for $15. He is interested in buying a different Felix card that also sells for $15. According to behavioral economics:
A. Junior should value the two cards equally and be willing to trade one for the other. B. the availability heuristic will cause Junior to value more highly the card he doesn't have. C. the endowment effect would suggest that Junior would not be willing to trade the card he has for the card he doesn't have. D. prospect theory says he will buy the second card as both have the potential to appreciate in value.
The law of diminishing marginal utility states that as additional units of a good are consumed a point is always reached where the utility derived from each additional unit declines.
Indicate whether the statement is true or false
A family that earns $20,000 a year pays $400 a year in taxes on clothing. A family that earns $40,000 a year pays $200 a year in taxes on clothing. The tax on clothing is
A. a progressive tax. B. a regressive tax. C. a proportional tax. D. a benefits-received tax.