Refer to IT's About Business 3

question 53

Multiple Choice

Refer to IT's About Business 3.1 - New York City Opens Its Data to All: Which is not a goal of New York's Open data policy?

• A)Providing information so users of the data can track others.
• B)Permiting anyone with the proper skills to utilize the data to improve the city's quality of life.
• C)Permiting users to overlay data on gang activity and available youth programs.
• D)Performing in-depth analysis of traffic crashes.

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Definitions:

Homothetic Preferences

A consumer preference structure in which utility functions display constant returns to scale, meaning relative consumption patterns do not change as income levels change.

Substitution Effect

The change in consumption patterns due to a change in relative prices of goods, leading individuals to substitute cheaper goods for more expensive ones.

Compensated Demand Function

A demand function that adjusts for changes in income to show how quantities demanded by consumers change in response to a price change while keeping utility constant.

Adequately Paid

Compensation that meets or exceeds the value of the work performed or the qualifications of the individual.