You Decide to Join the Economics Club,but This Means You

question 39

Multiple Choice

You decide to join the economics club,but this means you can't join the accounting club because it meets at the same time.Which economic principle does this statement BEST represent?

• A) The true cost of something is its opportunity cost.
• B) "How much" is a decision at the margin.
• C) People usually respond to incentives,exploiting opportunities to make themselves better off.
• D) There are gains from trade.

Understand the organising function in management and its relationship with other management functions.

Understand contemporary organizing practices and trends in modern workplaces.

Comprehend the concept of the chain of command and its importance in organizational structures.

Identify and explain the principles of organisation structure, including unity of command.

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Definitions:

Probability

The likelihood that a given event (among a specific set of events) will occur.

Double-Barreled

Questions or statements that address more than one issue at a time, often leading to confusion or difficulty in answering.

Factual

Based on facts; representing information that is real or true and not influenced by personal beliefs or feelings.

Evaluative

Relating to the assessment or judgment of the performance, value, or quality of someone or something.