Which of the Following Is Most Clearly Consistent with the Basic

question 133

Multiple Choice

Which of the following is most clearly consistent with the basic postulate of economics regarding the reaction of people to a change in incentives.

• A) Farmers produce fewer bushels of wheat in response to an increase in the price of wheat.
• B) People will buy more milk at a price of $2 per gallon than at $1 per gallon.
• C) People will buy less gas if the price of gas increases by $.20 per gallon.
• D) People will consume more beef if the price increases from $1 to $2 per pound.

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Definitions:

Geert Hofstede

A Dutch social psychologist known for his research on the comparisons of cultures across nations, leading to the development of his cultural dimensions theory.

Human Resources Management (HRM)

The strategic approach to the effective management of people in an organization, ensuring their contribution towards the achievement of the organization's goals.

Geocentric Company

A business that adopts a global approach in its operations and personnel practices, ignoring national boundaries.

Domestic Perspective

Views or analysis coming from or related to one's own country or the internal affairs of a company.