An Independent, Territorially Defined Community in the Global System Administered

question 30

Multiple Choice

An independent, territorially defined community in the global system administered by a sovereign government is a(n)

• A)nonstate actor.
• B)state.
• C)government.
• D)cultural group.
• E)actor.

---

Definitions:

Consumer Surplus

The gap between the aggregate sum consumers are ready and can afford to pay for a good or service and the aggregate sum they actually spend.

Uses of Markets

The functions markets serve in allowing buyers and sellers to exchange goods, services, and information, facilitating the allocation of resources.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price.

Increase in Demand

A situation where more of a good or service is desired by consumers at all price levels, shifting the demand curve rightward.