Catherine and Bernice Are Faculty Members at a Local College

question 90

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 and who is scheming and arrogant. Bernice believes that the dean is an effective manager.
-Behaviors that Catherine views as "arrogant" are probably viewed by Bernice as ________.

• A) competent
• B) responsible
• C) confident
• D) practical-minded
• E) astute

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given point in time.

Price Decreases

A situation where the cost of goods or services lowers over time, often leading to increased consumer purchasing power.

Budget Constraint

The limitations on the purchase of goods and services imposed by a budget, representing the combination of goods and services that a consumer can afford with a fixed income.

Giffen Good

A type of good for which demand increases as its price increases, contradicting the basic laws of demand in economics due to the impact of strong income effects.