Luis,Grayson,and Tom Met Once a Week for Three Months to Redesign

question 167

Multiple Choice

Luis,Grayson,and Tom met once a week for three months to redesign department work spaces,to be implemented when the organization moved to a new building in January.This is an example of a _____.

• A)top management team
• B)virtual team
• C)cross-functional team
• D)continuous improvement team
• E)problem-solving team

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Definitions:

Autonomous Consumption

The level of consumption spending that occurs when income is zero, reflecting expenditures that consumers must make even when they have no income.

Permanent Income Hypothesis

Formulated by Milton Friedman, it states that the strongest influence on consumption is one’s estimated lifetime income.

Paradox of Thrift

An economic theory suggesting that while saving is beneficial to an individual, increased savings by the entire population can lead to a decrease in aggregate demand, ultimately reducing savings at a macroeconomic level.

Theory of the Leisure Class

A socio-economic theory presented by Thorstein Veblen, which critiques consumerism and status-driven consumption, emphasizing the social uses of wealth and leisure to display status rather than for utility.