The Example of the Island of Nauru, Where a Valuable

question 10

Multiple Choice

The example of the island of Nauru, where a valuable deposit of phosphate was discovered in the early 1900s, offers the lesson that

• A) globalization and increased exports lead to higher incomes for local residents.
• B) natural resources lead to expanded, sustainable income for local residents.
• C) an open economy and world trade do not always lead to sustainable economic growth.
• D) globalization and open economies lead to poorer local economies.

Excellence in determining the role of project budgeting and estimating towards overall project success and decision-making.

Understand the concept of earned value and its role in project management.

Learn how to evaluate project financial performance using cost variance (CV) and cost performance index (CPI).

Understand the process and criteria for vendor selection in project management.

---

Definitions:

Risk Aversion

The tendency to prefer certainty over uncertainty, typically by choosing safer or guaranteed outcomes over riskier ones in decision-making.

Small Business

Any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people.

Competitive Area

The space or domain in which businesses compete against each other for market share.