Which of the following assumptions is formal economic theory based on?
a. The value of a particular commodity decreases as it becomes more scarce.
b. Only occasionally do people maximize their material well-being.
c. People, when exchanging goods and services, naturally strive to maximize material well-being and profits.
d. Families will compete against each other to assert rights of ownership and allocation.
e. In societies where there is formal market exchange (commercialism), the market will determine all economicactivities of individuals.
Question 2
Economic anthropologists study production, distribution, and consumption:
a. only in industrialized societies of the world.
b. only in the non-industrialized societies of the world.
c. in all of the societies in the world, industrialized and non-industrialized.
d. only in the pastoral societies of the world.
e. in all societies where there is market exchange.
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