With Respect to Centralization and Decentralization,the Current Trend Is for Organizations

question 15

Multiple Choice

With respect to centralization and decentralization,the current trend is for organizations to __________.

• A)Centralize both decision making and control.
• B)Decentralize both decision making and control.
• C)Decentralize decision making and centralize control.
• D)Centralize decision making and decentralize control.
• E)De-emphasize the roles of centralization and decentralization in decision making and control.

Apply the concept of opportunity cost in the context of trade and production decisions.

Recognize the relationship between specialization and economic efficiency, and how specialization leads to increased total output.

Understand how the production possibilities frontier can demonstrate the limitations and potential of production given current resources.

Identify circumstances under which individuals and countries benefit from trade, even when one party is more efficient in all areas of production.

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Definitions:

Market Price

The price at which a good or service is offered for sale in the open market.

Market Price

The market price at which you can currently buy or sell a service or asset in a specified market.

Negative Economic Profit

A situation where a firm's total revenue is less than its total costs, including opportunity costs.

Market Price

The current value at which an asset or service can be bought or sold in a competitive marketplace.