All of the Following Were Elements of Margaret Thatcher's Governing

question 12

Multiple Choice

All of the following were elements of Margaret Thatcher's governing agenda EXCEPT

• A) cutting taxes.
• B) working cooperatively with trade unions to enhance British competitiveness.
• C) using government policy to increase efficiency in the private sector.
• D) reducing social service expenditures where possible.
• E) traditional cultural values.

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Definitions:

Income Effects

Changes in consumer behavior as a result of an individual's income changing, affecting the quantity demanded for goods and services.

Optimal Consumption Bundle

The consumption bundle that maximizes a consumer’s total utility given that consumer’s budget constraint.

Budget Constraint

The limitation on the consumption bundles that a consumer can afford, based on income and prices.

Marginal Utility

The additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service.