In Year 1, the Price of Good X Was $3

question 59

Multiple Choice

In year 1, the price of good x was $3, the price of good y was $2, and income was $90.In year 2, the price of x was $9, the price of good y was $6, and income was $90.On a graph with x on the horizontal axis and y on the vertical, the new budget line is

• A)flatter than the old one and lies below it.
• B)flatter than the old one and lies above it.
• C)steeper than the old one and lies below it.
• D)steeper than the old one and lies above it.
• E)None of the above.

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Definitions:

Internal Locus

This term refers to an individual’s belief that they can control their life events and outcomes, as opposed to external forces being in control.

Organizational Politics

reflects the activities and actions within an organization aimed at improving personal or departmental gain, often at the expense of others or the company overall.

Resource Allocation

The process of distributing available resources among various projects, tasks, departments, or entities within an organization.

Formal Rules

Explicitly stated regulations or guidelines that dictate the behavior or operations within an organization or society.