An Increase in the Quantity of Resources Available

question 102

Multiple Choice

An increase in the quantity of resources available

• A) shifts the PPF leftward.
• B) shifts the PPF rightward.
• C) moves the economy to a new point up along a given PPF.
• D) moves the economy to a new point down along a given PPF.

Understand the difference between programmed and nonprogrammed decisions.

Comprehend the stages within a decision-making model.

Recognize the role of heuristics and biases in decision-making.

Identify factors influencing strategic versus tactical decision-making.

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Definitions:

Sales in An Industry

The total volume or value of all products or services sold within a specific industry over a certain period.

Future Sales

Projected revenue from selling goods or services over a future period.

Bottom-Up Budgeting

A budgeting approach where individual departments or units estimate their own expenses and revenues, which are then compiled to create an overall organizational budget.

Complex Budgeting

Complex budgeting involves the creation of an intricate financial plan that forecasts income, expenses, and capital for managing an organization's monetary resources over a specific period.