Economics, Quiz 4 - (2 of 21 The second largest share of an...

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(2 of 21) The second largest share of an individual’s consumption expenditure is for nondurable goods (such as food and clothing) at approximately _____ percent. 9 29 59 89 (3 of 21) Many factors determine an individual’s income, but the most important factor(s) seems to be _______________. education, experience and training inheritance age location (4 of 21) The median income of _____________ of nations in the world is less than $10,000 per year. a few half none
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a majority (6 of 21) A system of laws for the ____________ sector is a necessity for individual rights as well as for efficient and effective commerce. . business household government all of the above (7 of 21) Government subsidizes education because it is a _________ externality for society at large. negative positive extreme floating (8 of 21) Government can reallocate resources of an economy through taxes, ________ payments, and by providing direct services. illegal transfer under-the-table over-the-top Monopoly power significantly reduces the efficiency of __________ allocation within society.
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