According to John Kenneth Galbraith, the Theory of Consumer Demand

question 15

Multiple Choice

According to John Kenneth Galbraith, the theory of consumer demand is based on the following broad assumption(s) :
I. Socialism will work in all societies because consumers are willing to share their wealth.
II. The urgency of wants does not diminish as more of them are satisfied.
III. Wants originate in the personality of the consumer.

• A)I only
• B)I and II
• C)III only
• D)II and III

---

Definitions:

Corporate Governance

The framework of regulations, procedures, and methods through which a corporation is managed and regulated.

Board of Directors

A group of individuals elected to represent shareholders and make decisions on major company issues.

Functional Manager

A manager responsible for a specific business function or department, such as marketing, finance, or human resources.

Accounts Department

The Accounts Department handles the financial record-keeping, including transactions, budgeting, and financial reporting within an organization.