________ Deal with Matters That Apply to a Small Subset

question 53

Multiple Choice

________ deal with matters that apply to a small subset of the Canadian population, while ________ apply to society as a whole.

• A) government bills; opposition bills
• B) opposition bills; government bills
• C) private bills; public bills
• D) public bills; private bills

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Definitions:

Income Effect

Adjustments in the financial earnings of an individual or an economy and the corresponding effect on the quantity of goods or services demanded.

Indifference Curve

A graph showing different combinations of two goods that give a consumer equal satisfaction and utility.

Utility Level

A measure of the satisfaction or happiness that individuals get from the consumption of goods and services.

Indifference Curve

A graph depicting combinations of goods that give the consumer equal satisfaction and utility.