Which of the Following Represents the Step of the Rational

question 42

Multiple Choice

Which of the following represents the step of the rational decision-making approach in which the outcomes of the decision are compared to the desired goal?

• A) Analyse the decision
• B) Control: measure and adjust
• C) Determine the goal
• D) Collect data
• E) Analyse the situation

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Definitions:

Long Run

The long run is a period in economics in which all factors of production and costs are variable, allowing for full adjustment to change.

Unemployment

Unemployment refers to the situation when individuals who are able and willing to work are not able to find employment.

Price Level

The mean of present prices for all goods and services produced within the economy.

Phillips Curve

An economic theory that proposes an inverse relationship between the rate of unemployment and the rate of inflation in an economy.