The Cost-Benefit Principle Indicates That an Action Should Be Taken

question 62

Multiple Choice

The Cost-Benefit Principle indicates that an action should be taken if, and only if:

• A) its benefits are positive.
• B) its costs are small.
• C) its benefits are a result of its costs.
• D) its benefits exceed its costs.

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Definitions:

Quality Circles

Small groups of workers who voluntarily meet together to discuss and solve problems related to their work processes and environments.

Professional Association

An organization seeking to further a particular profession, the interests of individuals engaged in that profession and the public interest.

Labour Market Shelters

Sectors or practices within the job market that provide protection for workers, often through regulations, unions, or social policies.

Internal Labour Markets

Employment markets within organizations where workers are hired into entry-level positions and then progress to higher levels within the firm.