John Tried to Leave 20 Minutes Early to Get a Head

question 33

Multiple Choice

John tried to leave 20 minutes early to get a head start on rush hour traffic but he was promptly straightened out with comments and ridicule from coworkers. This is an example of a _____________organizational control subsystem.

• A) short-term
• B) procedural
• C) budgetary
• D) cultural
• E) statistical

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Definitions:

Good Y

A general term used to represent a specific product or commodity in economic models or discussions.

Demand Function

A mathematical representation that describes the relationship between the quantity of a good that consumers are willing and able to purchase at various prices, holding other factors constant.

Income Elasticity

A measure of how much the demand for a product changes in response to a change in consumers' income.

Income Elasticity

A measure of how the quantity demanded of a good or service changes in response to a change in consumer income.