Carlos Wants to Complete His M

question 56

Multiple Choice

Carlos wants to complete his M.B.A.in three years.This is an example of what kind of goal?

• A) long-term
• B) intermediate
• C) short-term
• D) objective
• E) problematic

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Definitions:

Opportunity Cost

The penalty of dismissing the closest superior alternative when engaging in the process of decision-making.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology).

Strike

A work stoppage caused by the mass refusal of employees to work, usually in an attempt to gain better wages or working conditions.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), assuming all inputs are used efficiently.