Scenario A

question 102

Multiple Choice

Scenario A. The local Ace Hardware Store manager has several decisions she has to make as the week begins. She always comes in early on Mondays to sift through the paperwork on her desk and decide what needs to be done for the week and in which order. The decisions facing her this week are:
1. determining which sales representatives to see this week to place orders.
2. providing a report to the owner detailing her opinion of whether or not she should purchase several more Ace locations that are for sale in the area.
3. interviewing applicants for two open part-time positions and hiring them.
4. providing input to the owner on a possible upgrade to the checkout technology currently in use.

-Decision 4 is an example of which type of decision?

• A)Programmed
• B)Nonprogrammed
• C)Trivial
• D)Certain
• E)Individual

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Definitions:

Opportunity Cost

The price paid for not choosing the next most favorable opportunity when making a choice or decision.

Knitting Scarves

The process of creating a piece of fabric, specifically a scarf, by interlocking yarn or thread with needles.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.

Production Possibilities Frontier

A graph showing all the highest production potentials for two products, considering a set of inputs that includes resources and various factors.