If a Firm or a Nation Desires to Maximize Its

question 5

Multiple Choice

If a firm or a nation desires to maximize its output, each productive assignment should be carried out by those persons who

• A) have the highest opportunity cost.
• B) have a comparative advantage in the productive activity.
• C) can complete the productive activity most rapidly.
• D) least enjoy performing the productive activity.

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Definitions:

Underlying Values

Fundamental beliefs or principles that drive behavior and decision-making processes within individuals or organizations.

Adequate Funding

Sufficient financial resources needed to properly support or sustain a project, initiative, or organization.

Central Agency

A principal government department or organization responsible for implementing specific policies or administering activities in a centralized manner.

Management Function

Activities such as planning, organizing, leading, and controlling that are performed to achieve organizational goals.