Which of the Following Is an Example of a System

question 77

Multiple Choice

Which of the following is an example of a system?

• A) the universe
• B) the air
• C) a test tube with reaction components
• D) outer space

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Definitions:

Substitution Effect

the component of the total effect of a price change on consumption that results from the consumer substituting the good that has become relatively cheaper for the good that has become relatively more expensive.

Leisure Time

Leisure time is the period when one is not engaged in work or other obligations, available for relaxation, hobbies, and personal activities.

Hourly Wages

Compensation paid to employees based on the number of hours worked, critical in calculating labor costs and income.

Economic Rent

Income derived from the ownership of a factor of production that is in fixed supply, exceeding what is necessary to keep it in its current use.