Catherine and Bernice Are Faculty Members at a Local College

question 160

Multiple Choice

Catherine and Bernice are faculty members at a local college who feel very differently about their academic dean.Catherine believes that he is always engaging in political activity that is not in the best interests of the college.She describes him as a man who passes the buck,is scheming and arrogant.Bernice believes that he is an effective manager.She sees him differently. Bernice's label for what Catherine describes as 'scheming' might be:

• A)planning ahead.
• B)encouraging change and innovation.
• C)improving efficiency.
• D)fixing responsibility.

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Definitions:

Rational Individuals

The concept that individuals make decisions based on the maximization of their utility or benefit, taking into consideration all available information and factors.

Preferences

The individual tastes and choices made by consumers in regard to different goods and services.

Macroeconomics

The part of economics concerned with the performance and behavior of the economy as a whole. Focuses on economic growth, the business cycle, interest rates, inflation, and the behavior of major economic aggregates such as the household, business, and government sectors.

Microeconomics

The part of economics concerned with (1) decision making by individual units such as a household, a firm, or an industry and (2) individual markets, specific goods and services, and product and resource prices.