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Related to the Economics in Practice on Page 35: in the Survey

question 36

Multiple Choice

Related to the Economics in Practice on page 35: In the survey conducted by Esther Duflo and Abhijit Banerjee, the extremely poor were found to consume ________ of their budgets on food compared to people in the United States.


Definitions:

Professional Basketball Game

An organized, competitive basketball contest played by professionals in a league, often characterized by high skill levels and entertainment value.

Deadweight Loss

A loss in economic efficiency that can occur when the equilibrium for a good or service is not achieved or is unattainable.

Commodity

A basic good used in commerce that is interchangeable with other goods of the same type.

Tax

a financial charge or other levy imposed upon a taxpayer by a governmental organization in order to fund public expenditures.

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