Business Economics
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Questions and Answers

Which principle is of great use in decision-making?

  • The cost principle
  • The opportunity cost principle (correct)
  • The sacrifice principle
  • The alternative principle
  • What does economics offer to a business economist?

  • Broad principles (correct)
  • Immediate solutions
  • Ready-made laws
  • Analytical tools
  • What does the business economist have to use to bridge the gap between economic theory and business practices?

  • Analytical tools
  • Additional skills and tools (correct)
  • Ready-made laws
  • Immediate solutions
  • How are the opportunity costs of doing something measured?

    <p>By the sacrifices of alternatives required</p> Signup and view all the answers

    What are the basic economic tools used widely in managerial economics?

    <p>Opportunity cost principle</p> Signup and view all the answers

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