What Principle Is Built on the Idea That There Is

question 83

Multiple Choice

What principle is built on the idea that there is no general plan for which way to go and what to do?

• A) Managing by crisis
• B) Managing by extrapolation
• C) Managing by objectives
• D) Managing by hope
• E) Managing by mystery

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Definitions:

Specializes

The process of focusing efforts and resources on a narrow area of expertise or production for efficiency and quality improvements.

Gains From Trade

The benefits obtained by countries or individuals from engaging in international trade, allowing for consumption beyond their production possibilities.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and production technology.

Marginal Rate Of Transformation

Amount of one good that must be given up to produce one additional unit of a second good.