Which of the following is not a basic assumption underlying the theory of consumer behavior?
A) Consumers prefer more to less.
B) Consumer preferences depend on the amounts of goods they consume as well as the amounts being consumed by other consumers.
C) Goods are continuously divisible, that is, consumers can always purchase one more or one less unit of a good.
D) Consumers have well-behaved preferences, that is, preference orderings are complete.
B
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The more certain private property rights are
A) the less people need to invest in education or human capital development. B) the more an economy must grow to maintain a certain living standard. C) the less entrepreneurship there will be. D) the more capital accumulation there will be.
Wealth is to ________ as capital stock is to ________
A) investment; saving B) saving; investment C) income; net investment D) income; earnings E) saving; depreciation