A Want Is a ____ That Is Shaped by a Person's

question 129

Multiple Choice

A want is a ____ that is shaped by a person's knowledge, culture, and personality.

• A)desire
• B)need
• C)utility
• D)demand
• E)craving

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Definitions:

Laffer Curve

A theoretical representation of the relationship between tax rates and tax revenue, suggesting an optimal tax rate for maximizing revenue.

Supply-Side Economics

Main tenets: economic role of federal government is too large; high tax rates and government regulations hurt the incentives of individuals and business firms to produce goods and services.

Systematic Error

refers to a consistent, predictable error present in the results of measurements or experiments due to flaw in the measurement system.

Rational Expectations

A theory in economics suggesting that individuals make decisions based on their rational outlook, available information, and past experiences.