Which of the Following Statements Is TRUE Concerning Self-Sufficiency and the American

question 81

Multiple Choice

Which of the following statements is TRUE concerning self-sufficiency and the American family?

• A)Few families-past or present-have been entirely self-sufficient.
• B)Most families in the past were entirely self-sufficient.
• C)Middle class families tend to prosper because they are self-sufficient.
• D)Only the poorest families tend to need help from the government.

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Definitions:

Long-Run Adjustments

Refers to changes that firms in an industry make in response to economic opportunities or constraints, involving adjustments in production capacity or resource utilization over time.

Marginal Revenue

The extra revenue obtained by selling an additional unit of a product or service.

Upsloping Line

A graphical representation indicating positive correlation between two variables; as one variable increases, so does the other.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers, usually downward sloping.