Use the Following to Answer Questions

question 276

Multiple Choice

Use the following to answer questions:
Figure: The Market for Yachts
-(Figure: The Market for Yachts) Look at the figure The Market for Yachts. A quota of _____ will bring about the same price and output in the market for yachts as would an excise tax of $60,000.

• A) 2,000
• B) 3,000
• C) 4,000
• D) The answer is impossible to determine.

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Definitions:

Tertiary Socialization

The process of social learning in adulthood, where individuals acquire skills and norms necessary for adapting to new social roles and environments.

Cultural Capital

Assets that are social rather than economic, reflecting an individual's knowledge, skills, and education, and serving to increase their status within society.

Socializing Children

The process by which children learn the norms, values, behaviors, and social skills appropriate to their society.

Total Institution

A concept defined by sociologist Erving Goffman as a place of residence and work where a large number of similarly situated individuals, cut off from the wider society, together lead an enclosed, formally administered life.