The Person Most Closely Associated with a Conservative Theory of Poverty

question 134

Multiple Choice

The person most closely associated with a conservative theory of poverty is

• A)Charles Murray.
• B)William Julius Wilson.
• C)Frances Fox Piven.
• D)Barbara Ehrenreich.
• E)Michael Harrington.

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Definitions:

Marginal Utility

is the added satisfaction or benefit a consumer gets from consuming one additional unit of a good or service.

Utility-Maximizing Rule

The principle that to obtain the greatest total utility, a consumer should allocate money income so that the last dollar spent on each good or service yields the same marginal utility (MU). For two goods X and Y, with prices Px and Py, total utility will be maximized by purchasing the amounts of X and Y such that MUx/Px = MUy/Py for the last dollar spent on each good.

Budget Constraint

The limitations on the consumption choices of an individual or family due to limited financial resources.

Product Alpha

A term often used to define the first version or iteration of a product, typically before it is released to the general public for feedback.