Engineering Economics Is

question 3

Multiple Choice

Engineering economics is

• A)a body of knowledge to determine which of several alternative is technically best.
• B)a collection of techniques for quantitative analysis to select a preferable alternative from several technically viable ones.
• C)a set of tools to calculate an engineering project's costs.
• D)a set of rules to evaluate an engineering project.
• E)a set of methods to determine an engineering project's costs in terms of time value of money.

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Definitions:

Birthrate

The number of live births per thousand of the population per year, reflecting the growth rate of a population.

Replacement Rate

Replacement rate refers to the percentage of a worker's pre-retirement income that is paid out by a pension program upon retirement, indicating the level of income continuity after retirement.

Birthrates

The number of live births per thousand people in a population per year.

Death Rates

The number of deaths in a particular population, scaled to the size of that population, per unit of time.