Stan Ford Currently Spends $100 a Week on Entertainment

question 40

Multiple Choice

Stan Ford currently spends $100 a week on entertainment.A rich uncle offers him a choice between a $50 a week allowance and the opportunity to buy all of his entertainment at half price.Stan has no kinks in his difference curves.Stan would

• A)prefer the $50 allowance.
• B)prefer the half-price subsidy.
• C)be indifferent between the allowance and the subsidy.
• D)prefer the subsidy if entertainment is a normal good and be indifferent otherwise.
• E)prefer the allowance if entertainment is an inferior good and prefer the subsidy otherwise.

Differentiate between in-groups and out-groups, referencing their characteristics and examples.

Grasp the concept of dyads and their main characteristics.

Recognize the historical and social context of the industrial revolution.

Describe the characteristics, significance, and examples of social networks and reference groups.

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Definitions:

Unskilled Workers

Individuals employed in jobs that require minimal training or skills, often characterized by routine tasks that can be learned quickly.

Caregivers

Individuals who provide support and assistance to those with health issues, disabilities, or other needs, often family members or professionals.

Commodification

The transformation of goods, services, ideas, or people into commodities or objects of trade.

Nursing Home Residents

Individuals, often elderly, who live in a facility that provides 24-hour nursing care, assistance with everyday activities, and healthcare services.