A Society Generally Larger Than a Band, Whose Members Usually

question 23

Multiple Choice

A society generally larger than a band, whose members usually farm for a living is a

• A) band.
• B) tribe.
• C) chiefdom.
• D) state.

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Definitions:

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and production technology.

Marginal Rate Of Transformation

Amount of one good that must be given up to produce one additional unit of a second good.

Price

The amount of money required to purchase a good or service, usually determined by supply and demand in the market.

Marginal Rates Of Substitution

The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility or satisfaction.