"In the Long Run, Those Who Do Not Use Power

question 54

Multiple Choice

"In the long run, those who do not use power in a manner which society considers responsible will tend to lose it" is the description of

• A) The Iron Law of Oligarchy.
• B) The Iron Cage of Rationality.
• C) The Iron Law of Responsibility.
• D) The Peter Principle.

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Definitions:

Consumption

The use of goods and services by households or individuals, forming part of the aggregate demand in an economy.

Induced Consumption

The portion of consumer spending that varies with income. As income increases, consumers will spend more, and as income decreases, consumers will spend less.

Disposable Income

The financial capabilities households have for saving and spending endeavors post income tax deductions.

Consumption

The use of goods and services by households, including the acquisition of goods and services for personal use or ownership.