The _____ Model Closely Resembles the Real Environment in Which

question 30

Multiple Choice

The _____ model closely resembles the real environment in which most managers and decision makers operate.

• A) Normative
• B) Administrative
• C) Descriptive
• D) Classical
• E) Political

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Definitions:

Local Governments

Administrative bodies governing smaller geographical areas within a country, responsible for local policies and regulations, typically including cities or counties.

Sales Taxes

Taxes imposed by governments on the sale of goods and services.

Regressive

A type of tax system in which the tax rate decreases as the taxable amount increases, often placing a higher burden on lower-income earners.

Inelastic Supply

A situation where the supply of a good does not significantly change when its price changes, often due to limitations in production capabilities or time constraints.