In Prehistoric Social Orders, the Chief of the Tribe Had

question 26

Multiple Choice

In prehistoric social orders, the chief of the tribe had which of the following powers?

• A) legislative
• B) executive
• C) judicial
• D) all of the preceding
• E) none of the preceding

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Definitions:

Market Basket

A set of goods and services used to represent what is consumed by a typical consumer for the purpose of measuring inflation or cost of living.

Utility Maximization

The process by which individuals allocate their resources to obtain the highest possible level of satisfaction or utility, subject to their budget constraint.

Marginal Utility

The change in total utility obtained by consuming one additional unit of a good or service.

Consumption Bundle

A set of goods or services that a consumer chooses to purchase at a given time.