​A(n)____________________ Can Be Used for Internal Control Purposes by Generating

question 117

Short Answer

​A(n)____________________ can be used for internal control purposes by generating a series of numbers.

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Definitions:

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.

Income Effect

The change in an individual's or economy's income and how that change affects the quantity demanded of a good or service.

Substitution Effect

The change in consumption patterns due to a change in relative prices, holding the consumer's overall utility constant.

Income Effect

The Income Effect describes how changes in an individual's income affect their purchasing capacity and thus their demand for goods and services.