An Example of What the Economist and Social Historian Thorstein

question 35

Multiple Choice

An example of what the economist and social historian Thorstein Veblen meant by "conspicuous consumption" is:

• A) Mrs. Bradley Martin's costume ball.
• B) an immigrant's purchase of bread.
• C) the free services handed out by social reformers.
• D) John D. Rockefeller's purchase of a competing company.
• E) the social welfare services of European nations like Germany.

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Definitions:

Top 20%

Refers to the highest earning or most successful 20% of a population or group in a specific context.

Negative Income Tax

A fiscal mechanism where individuals earning below a certain threshold receive supplemental pay from the government instead of paying taxes.

Subsidy

A financial contribution provided by the government or another body to support an industry, business, or individual.

Earned Income Tax Credit

A refundable tax credit for low- to moderate-income working individuals and families, aimed at reducing poverty and encouraging work.