One Way to Ease the Burden of Managing a Business

question 47

Multiple Choice

One way to ease the burden of managing a business is to:

• A)keep minimal inventory on hand
• B)only operate the business 20 hours a week
• C)do all the work yourself and hire no employees
• D)hire outside consultants
• E)sell a service instead of a tangible product

Comprehend the myths and truths about brain hemisphere dominance and its effects on personality and skills.

Understand the concept of opportunity cost and how to calculate it using production possibility frontiers.

Identify sources of comparative advantage in international trade.

Explain the difference between absolute and comparative advantage.

---

Definitions:

Photoelectric Cells

Devices that convert light energy into electrical energy through the photoelectric effect.

Superinsulated Houses

Highly energy-efficient homes designed to use very minimal heating and cooling, featuring exceptional insulation and air sealing.

Passive Solar Energy

The use of building design to collect, store, and distribute solar energy in the form of heat in the winter and reject solar heat in the summer without the use of mechanical systems.

Active Solar Energy

The harnessing of solar power through the use of technology like solar panels to convert sunlight directly into electricity or heat.