The Notion That Individuals Should Work Hard,save Their Money,and Avoid

question 3

Multiple Choice

 The notion that individuals should work hard,save their money,and avoid dependence on the state is sometimes referred to as the 

• A) Protestant (work) ethic. 
• B) blue-collar ethic. 
• C) doctrine of social Darwinism. 
• D) evolutionary principle. 
• E) labor theory of value.

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Definitions:

Profit

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Short Run

A period in which at least one factor of production is fixed, constraining the ability of a firm to adjust its output levels.

TVC

Total Variable Cost, which refers to the total of all costs that vary with the level of output or production activity.

Short Run

A period in economics during which at least one input, such as plant size, is fixed, and only some factors of production can be varied.