The Scientific Method and the Tools of Economics Are Useful

question 16

Multiple Choice

The scientific method and the tools of economics are useful in examining:

• A) only how individuals make decisions.
• B) only how business firms make decisions.
• C) only how government policies affect macroeconomic outcomes.
• D) only the trade-offs evident in production possibilities frontier (PPF).
• E) anything; economists will use their tools to study anything in the world around them.

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Definitions:

Performance Measurements

Quantitative assessments that gauge the efficiency, effectiveness, or outcome of a process or individual's activities.

Feedback

Information or reactions received about a person's performance of a task, used as basis for improvement.

Job Design

The process of organizing tasks, duties, and responsibilities into a productive work unit to satisfy both organizational and individual employee needs.

Organizational Requirements

Organizational requirements are the necessary tasks, attributes, or conditions that an organization needs to function effectively and achieve its objectives.