Russell Claims That the "Practical" Person

question 27

Multiple Choice

Russell claims that the "practical" person

• A) Is really not practical.
• B) Misses the value of the sciences.
• C) Is concerned only with material goods.
• D) All of the above.

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Definitions:

Market Price

The current market value at which an asset or service is up for sale or purchase.

External Benefits

Positive effects experienced by those not directly involved in an economic transaction.

Efficient Equilibrium

A state in which resources are allocated in the most efficient manner, leaving no potential for reallocating resources to make someone better off without making someone else worse off.

Government

A system or group of people governing an organized community, often a state, and set policies, laws, and regulations.