Libertarians Often Associate Themselves with

question 10

Multiple Choice

Libertarians often associate themselves with

• A) the ideology of the founding fathers.
• B) increasing government control and regulations.
• C) enhancing the freedom of citizens.
• D) Jane Addams and Dorothea Dix.

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Definitions:

Normal Good

A product whose demand increases as consumer income rises, indicating a direct relationship between income and demand for the good.

Income Effect

The change in an individual's or economy's consumption patterns resulting from a change in real income.

Substitution Effect

The financial concept stating that when prices increase or incomes drop, individuals will substitute higher-priced goods with more affordable options.

Normal Goods

Goods for which demand increases as the income of consumers increases, and falls when consumer income decreases.