If You Spend a Large Portion of Your Income on a Good

question 236

Multiple Choice

If you spend a large portion of your income on a good,

• A) supply of that good would be price elastic.
• B) demand for that good is more elastic than if you spent a smaller portion of your income on the good.
• C) supply of that good is price inelastic.
• D) demand for that good is less elastic than if you spent a smaller portion of your income on the good.
• E) the good must be able to be produced at a constant (or gently rising) opportunity cost.

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Definitions:

HRM

Stands for Human Resource Management, which involves managing people in organizations focusing on policies, systems, and practices.

HR Dashboard

A visual representation tool used in human resources to display key HR metrics and performance indicators in real time to aid decision-making.

HR

Human Resources, a department within organizations responsible for the management of employee-related functions like recruitment, training, and benefits.

HRM Audit

A comprehensive evaluation of the strategies, practices, and operations of a company's Human Resources department to identify strengths and areas for improvement.