Many Specific Tools Such as Cost-Benefit Analysis and Risk Assessment

question 78

Multiple Choice

Many specific tools such as cost-benefit analysis and risk assessment are firmly rooted in:

• A)Kantian ethics.
• B)utilitarian approaches.
• C)the Sullivan principles.
• D)the Friedman doctrine.

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Definitions:

Production and Pricing

The process of determining the cost and price for goods or services created by a business.

External Benefits

Advantages or positive effects that extend to parties not directly involved in a transaction or activity.

Competitive Market

A market scenario where there are many buyers and sellers, and no single entity has the power to significantly influence the prices of goods and services.

Resource Allocation

The process of distributing available resources among various competing needs or uses in an effort to achieve maximum efficiency or to accomplish specific objectives.