The Full-Scale Tribal Societies Differed from the Complex Societies in Being

question 16

Multiple Choice

The full-scale tribal societies differed from the complex societies in being

• A) hunter-gatherers.
• B) farmers.
• C) semi-nomadic.
• D) settled.

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Definitions:

Marginal Product

The marginal product is the additional output resulting from a one-unit increase in the use of a variable input while holding other inputs constant.

Wage Rate

The amount of compensation that workers receive in exchange for their labor per unit of time.

Weak Axiom

A fundamental principle in consumer theory that if a consumer chooses bundle A over bundle B when both are affordable, then the consumer will not choose B over A if A's price decreases or B's price increases, all else being equal.

Profit Maximization

The process by which a firm determines the price and output level that returns the greatest profit.