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Theories Are Advantageous in Several Ways

question 3

Multiple Choice

Theories are advantageous in several ways. Three of the following describe advantages of learning theories. Which one does not?


Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price.

National Income

Total income earned by resource suppliers for their contributions to gross domestic product plus taxes on production and imports; the sum of wages and salaries, rent, interest, profit, proprietors’ income, and such taxes.

U.S. Farm Products

Agricultural commodities produced in the United States, including grains, fruits, vegetables, meat, and dairy products.

Economic Growth

(1) An outward shift in the production possibilities curve that results from an increase in resource supplies or quality or an improvement in technology; (2) an increase of real output (gross domestic product) or real output per capita.

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