In General, Societies That Have Caste Systems Have Economies That

question 34

Multiple Choice

In general, societies that have caste systems have economies that are

• A) based on hunting and gathering.
• B) agrarian.
• C) industrial.
• D) postindustrial.

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Definitions:

Von Neuman-Morgenstern

A theory in economics that provides an axiomatic basis for expected utility theory, which helps to explain choice under uncertainty.

Probability

An indication of how probable an event is to happen, represented numerically between 0 and 1, with 0 meaning it cannot happen and 1 meaning it is certain to happen.

Risk Loving

A financial term describing an individual or entity's preference for taking risks, where the potential for higher gains outweighs the possibility of losses.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.