Education Is Considered the Most Reliable Determinant of Consumers' Income

question 46

Multiple Choice

Education is considered the most reliable determinant of consumers' income potential and

• A) subculture.
• B) inscribed social class.
• C) social float.
• D) trickle-down effects.
• E) spending patterns.

---

Definitions:

Average Product

The output produced per unit of a resource employed, calculated by dividing total product by the quantity of the resource used.

Labor

The application of human mental and physical endeavors in the manufacture of products and provision of services.

Fixed Input

Resource in production that cannot be changed in the short term, such as buildings and machinery.

Long Run

A period in which all factors of production and costs are variable, allowing for full adjustment to any change in market conditions.