If Consumption of Education Creates an External Benefit, Then in Order

question 147

Multiple Choice

If consumption of education creates an external benefit, then in order to increase efficiency relative to the outcome determined by private decisions,

• A) more education must be produced.
• B) the same amount of education must be produced, and the price should be lower.
• C) less education must be produced, and the price should be higher.
• D) less education must be produced, and the price should be lower.
• E) less education must be produced at the same price.

Acknowledge the historical timeline and context of Frederick Taylor's scientific management studies.

Understand the early human relations theory and its implications on employee satisfaction and unionization.

Grasp the concept and application of Pareto analysis in problem-solving.

Appreciate the various approaches to management including systems theory, the behavioral approach, and the contingency approach.

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Definitions:

Small Business Owner

An individual who owns and operates a business entity which is usually defined by a lower number of employees or lower revenue compared to regular-sized corporations or businesses.

Vision For The Future

A strategic foresight or aspiration that frames an organization’s or individual's desired direction and objectives for the long-term.

Locus Of Control

Refers to the degree to which people believe they have control over the outcome of events in their lives, as opposed to external forces beyond their control.

Innovation

The method by which a concept or innovation is transformed into a product or service that generates value or that consumers are willing to purchase.