A Luddite Is

question 6

Multiple Choice

A Luddite is:

• A)someone who opposes the introduction of new technologies.
• B)a worker whose real wage rises as a result of globalization.
• C)a fictional character from American folk history.
• D)a consumer who refuses to buy imported goods, even if they are cheaper.

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Definitions:

Excise Tax

An indirect tax charged on the sale of a particular good or service, often included in the price of products like gasoline, alcohol, and tobacco.

Marginal Cost (MC) Curves

Graphs showing the cost of producing one additional unit of a good, illustrating how the cost varies with the level of output.

Diminishing Returns

A rule in economics that holds that after reaching a certain level, further investments in a specific sector will not yield higher returns if all other conditions stay the same.

Law of Demand

The economic principle stating that as the price of a good increases, demand for that good will decrease, and vice versa.