Question 9.21 Choose the correct answerRead the following statements regarding disposable income and select the correct option.Single choice
A
a. Disposable income is the maximum amount of expenditure (e.g. food, housing, clothing, and other goods and services) possible without having to borrow or sell possessions.
B
b. Disposable income is total income, calculated as the sum of an individual's wages, profit, rent, interest, and transfer payments from the government.
C
c. Disposable income is the amount of income that is disposed (given away).
D
d. Disposable income is an exact measure of one’s wellbeing.
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Question at position 18 Directions: Match the term on the left with its definition on the right.Prompt 1productivityAnswer for prompt 1 productivity[input]Prompt 2Law of Diminishing Marginal UtilityAnswer for prompt 2 Law of Diminishing Marginal Utility[input]Prompt 3opportunity costAnswer for prompt 3 opportunity cost[input]Prompt 4production possibilities frontierAnswer for prompt 4 production possibilities frontier[input]Possible answersThe value of the next best alternative that is given up when making a choice.The more we consume of something, the less satisfaction we will receive from itA simple model of an economy that shows all the combinations of two goods that can be produced with the resources and technology currently available.A measure of the efficiency with which goods and services are produced.
4. Match each term with the correct definition. LO2 private property freedom of enterprise mutually agreeable freedom of choice self-interest competition market a. An institution that brings buyers and sellers together. b. The right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property. c. The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit. d. The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice. e. What each individual or firm believes is best for itself and seeks to obtain. f. Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off. g. The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualified; and of consumers to spend their incomes in whatever way they feel is most appropriate. 1: a. An institution that brings buyers and sellers together. 2: b. The right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property. 3: c. The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit. 4: d. The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice. 5: e. What each individual or firm believes is best for itself and seeks to obtain. 6: f. Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off. 7: g. The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualified; and of consumers to spend their incomes in whatever way they feel is most appropriate.
效用可能性曲线下方的点是有效率的。
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