John Has the Right to Vote for Representatives, and Responsibilities

question 15

Multiple Choice

John has the right to vote for representatives, and responsibilities such as paying taxes, that come with being a ______________ in the United States.

• A) veteran
• B) immigrant
• C) citizen
• D) democrat

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Definitions:

Marginal Utility

The additional satisfaction or value a consumer gains from consuming one more unit of a good or service.

Economic Good

A product or service that has value and can be sold in a market because it is scarce in relation to demand.

Substitution Effect

That part of an increase (decrease) in amount consumed that is the result of a good being cheaper (more expensive) in relation to other goods because of a reduction (increase) in price.

Income Effect

The change in consumption resulting from a change in real income, typically due to a price change of goods or services.