Benchmarks

question 9

Multiple Choice

Benchmarks:

• A) set specific measurable targets for each goal
• B) are the action steps taken to achieve goals
• C) consider costs
• D) examine personnel requirements

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Trade

The exchange of goods, services, or both between two or more parties, either within a country or across international borders.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total benefit to society from trade.

Trade

The trading of goods, services, or both among two or more entities, within the same nation or across different countries.