Empirical Indicators of Resources Are: Being Rare, Hard to Imitate

question 121

Multiple Choice

Empirical indicators of resources are: being rare, hard to imitate, or

• A) expensive.
• B) inexpensive.
• C) easily substitutable.
• D) not easily substitutable.
• E) inefficient.

---

Definitions:

Excess Burden

The cost to society created by market inefficiency, typically due to taxes or other government policies disrupting the equilibrium.

Tax

A mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Diet Pepsi

A low-calorie carbonated soft drink produced by PepsiCo, branded as a healthier alternative to regular Pepsi.

Beverages

Drinkable liquids excluding water, such as tea, coffee, soda, and alcohol.