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Questions and Answers
Which principle is of great use in decision-making?
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?
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?
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?
How are the opportunity costs of doing something measured?
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What are the basic economic tools used widely in managerial economics?
What are the basic economic tools used widely in managerial economics?
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