As Recently as the 1960s, It Was Generally Thought That

question 23

Multiple Choice

As recently as the 1960s, it was generally thought that agriculture:

• A) was invented once, in the Middle East, and then spread from there all over the world
• B) did not develop until people began to live in settled villages
• C) originated in China and Southeast Asia
• D) was only about 3,000 years old

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Maximum Willingness

The highest amount an individual or entity is ready to pay for a good or service.

Individual Pays

A principle where the cost of a service or good is borne by the individual who consumes or uses it, rather than by society or an organization.

Aggregate Demand Curve

Describes the buying behavior of a group of consumers. We add up all the individual demand curves to get an aggregate demand curve (the relationship between the price and the number of purchases made by a group of consumers).