What Is One Indication of the American Faith in an Open

question 4

Multiple Choice

What is one indication of the American faith in an open society and its prevalence?

• A) When a majority of survey respondents sampled in a difficult economy still believe in the myth of individual achievement.
• B) People still establish new businesses during a recession.
• C) Americans have always believed in inner resources over outer ones.
• D) Surveys show that Americans are willing to be taxed more if it means helping others succeed.

Identify efficient allocations of goods in exchange economies using the Edgeworth box and contract curve.

Understand the role and impact of substitutes and complements in consumer consumption patterns.

Apply the concept of marginal substitution rates in understanding consumer preferences and optimal allocations.

Recognize the effects of market interdependencies on general and partial equilibriums.

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Definitions:

Matching Law

When an animal has free access to two different schedules of reinforcement; its response is proportional to the level of reinforcement available on each schedule.

Behavioral Contrast

A phenomenon where the rate of response varies in accordance with a change in the reinforcement provided in an alternate situation.

Matching Law

A principle that states that the proportion of responses directed towards alternatives is equal to the proportion of reinforcements obtained from those alternatives.

Reinforcement

A process in behaviorism where a behavior becomes more likely to occur in the future due to the consequences that follow the behavior.