In Nonindustrial Societies, the Most Common Way of Meeting Needs

question 50

Multiple Choice

In nonindustrial societies, the most common way of meeting needs such as resource allocation, law enforcement, and societal functions is through the:

• A) clan system
• B) religious system
• C) kinship system
• D) political system

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Definitions:

C + I

A formula component in macroeconomics representing total private consumption (C) plus total private investment (I).

MPS

The marginal propensity to save, which is the fraction of an additional unit of income that is saved rather than spent.

Expected Rate of Profit

The anticipated return on investment, representing the gain or loss compared to the initial investment amount.

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual percentage.