Formal Reports

question 73

Multiple Choice

Formal reports

• A) convey subjective information in a variety of ways that may include graphs, charts and appendices.
• B) focus on the conclusion of the document so as to achieve conciseness and rapid comprehension.
• C) are major documents written for a specific purpose and which provide expert opinion and comprehensive information.
• D) are an alternative to a formal oral presentation.

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Definitions:

Henry George

A 19th-century economist known for his belief that people should own the value they produce themselves, but that land and natural resources should belong to all (Georgism).

Allocative Efficiency

A state of resource allocation in which it is impossible to make any one individual better off without making at least one individual worse off.

Incentive Function

The role of rewards or penalties in motivating individuals or entities to behave in certain ways.

Rationing Function

The ability of market prices to allocate scarce resources among competing uses, ensuring that only those willing and able to pay the price can obtain the good or service.