Which of the Following Is a Decision-Making Approach a Person

question 60

Multiple Choice

Which of the following is a decision-making approach a person uses when the negative impact of making the wrong decision is so high that he or she chooses that alternative that guarantees at least the minimum payoff?

• A)maximax criterion
• B)Laplace criterion
• C)maximin criterion
• D)minimax regret criterion

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Definitions:

Gender Equality

The state of equal access to resources and opportunities regardless of gender, including economic participation and decision-making.

Investment Opportunities

Options available to individuals or firms to allocate capital with the expectation of generating financial returns.

Hunger

A physical sensation or condition experienced when the body needs food.

Import Substitution

An economic strategy aimed at reducing dependency on imported goods by encouraging the development of local industries.