The Relative Price of a Good

question 39

Multiple Choice

The relative price of a good:

• A)is always measured in current dollars.
• B)is a measure of the relative share of the consumer's income devoted to its purchase.
• C)reflects its price compared to prices of other goods.
• D)is equal to the average price of the good over the last five years.

---

Definitions:

Collecting Taxes

The process by which a government or authority gathers monetary contributions from citizens and businesses to fund public services and infrastructure.

Popular Majority

The majority of total votes cast by the public in an election, as opposed to a majority of elected representatives or electoral votes.

Tyranny

Tyranny is a form of government in which a single ruler holds absolute power and exercises it in a cruel or unjust manner.

Antifederalists

Opponents of the ratification of the U.S. Constitution, who favored a weaker central government.