Suppose a Consumer Spends His Income on CDs and DVDs

question 445

Multiple Choice

Suppose a consumer spends his income on CDs and DVDs. If his income decreases, the budget constraint for CDs and DVDs will

• A)shift outward, parallel to the original budget constraint.
• B)shift inward, parallel to the original budget constraint.
• C)rotate outward along the CD axis because he can afford more CDs.
• D)rotate outward along the DVD axis because he can afford more DVDs.

Comprehend the implications of workforce reduction strategies for an organization.

Grasp how market wage rates can be utilized for forecasting the supply of human resources.

Understand the concept of knowledge, skills, and abilities (KSAs) and their relevance to job families.

Recognize the legal considerations involved in job analysis processes.

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Definitions:

Human Values

Fundamental beliefs that guide or motivate attitudes and actions, encompassing importance of ethics and character in individuals and society.

Objective Standards

Criteria independent of the parties' personal intentions or beliefs, used to assess behavior or performance.

Rational Ethics

A branch of ethics focused on determining right and wrong actions based on reasoning and logical analysis rather than on emotions or social customs.

Philosophical Theory

A set of ideas or principles that form the basis of a philosophical system, addressing fundamental questions about life, the universe, and everything.