Which One of the Following Is NOT True of Cultural

question 36

Multiple Choice

Which one of the following is NOT true of cultural or political beliefs in America?

• A)America's origins as a wilderness society led to the belief that government is responsible for providing material assistance to its citizens.
• B)Americans place a greater emphasis than Europeans on personal advancement through education.
• C)Americans have traditionally favored a free-market economy.
• D)America has a strong individualistic culture.
• E)America's individualistic culture has not proven to be an absolute barrier to government assistance programs.

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Definitions:

Long Run

The long run is a time period sufficiently long that all factors of production and costs can be fully adjusted, including plant sizes, machinery, and entry or exit from an industry.

Monopolistically Competitive

A market structure where many firms sell similar but not identical products, allowing them some power to influence prices.

Efficient Use of Resources

An economic condition where resources are allocated in the most effective manner possible to meet the needs and desires of consumers.

Long-Run Equilibrium

A state in which all firms in a market or industry are making normal profits and there is no incentive for firms to either enter or exit the market.