Which Phrase Best Describes Cost Benefit Analysis?

Which best describes cost-benefit analysis? process of maximizing benefits and minimizing costs . Which lists some of the nonmonetary factors that are taken into account when doing cost-benefit analysis? What is one reason that people want to minimize costs?

What best describes cost-benefit analysis?

Which best describes cost-benefit analysis? process of maximizing benefits and minimizing costs . Which lists some of the nonmonetary factors that are taken into account when doing cost-benefit analysis? What is one reason that people want to minimize costs?

Which of the following best describes the purpose of cost-benefit analysis?

Which best describes the purpose of using cost-benefit analysis? ... The best decision results in the most benefits with the fewest costs . Which helps economists judge the overall condition of a particular country's economy?

What is a simple way of describing cost-benefit analysis?

Which is a simple way of describing cost-benefit analysis? Making a decision by listing pros and cons . ... The best decision results in the most benefits with the fewest costs.

Which statement accurately describes how costs and benefits are calculated?

Which statement accurately describes how costs and benefits are calculated? Calculations of cost and benefit are based on personal preferences .

Which best describes gross domestic product?

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period . As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country's economic health.

Which best describes opportunity cost?

Opportunity cost is used to describe the value that is given up by choosing an alternative option when faced with choices . An opportunity cost does not necessarily need to be monetary and may describe a sense of loss when forgoing a particular option.

Which describes the inflation rate?

The inflation rate is the percentage increase or decrease in prices during a specified period , usually a month or a year. The percentage tells you how quickly prices rose during the period. For example, if the inflation rate for a gallon of gas is 2% per year, then gas prices will be 2% higher next year.

Why do consumers benefit directly from greater productivity?

Why do consumers benefit directly from greater productivity? Older devices are replaced with newer versions more and more quickly . Fewer workers are needed to produce more goods and services. Goods and services are produced faster and can be sold more cheaply.

Which of the following best characterizes the factors involved in a cost?

The option there are both monetary and non-monetary considerations that must be taken into account , is the best option that characterizes the factors involved in a cost-benefit analysis.

What are the steps of cost-benefit analysis?

• Step 1: Specify the set of options. ...
• Step 2: Decide whose costs and benefits count. ...
• Step 3: Identify the impacts and select measurement indicators. ...
• Step 4: Predict the impacts over the life of the proposed regulation. ...
• Step 5: Monetise (place dollar values on) impacts.

What is a cost-benefit analysis and why is it used?

A cost-benefit analysis (CBA) is the process used to measure the benefits of a decision or taking action minus the costs associated with taking that action . A CBA involves measurable financial metrics such as revenue earned or costs saved as a result of the decision to pursue a project.

What is a cost-benefit analysis example?

An example of Cost-Benefit Analysis includes Cost-Benefit Ratio where suppose there are two projects where project one is incurring a total cost of $8,000 and earning total benefits of $ 12,000 whereas on the other hand project two is incurring costs of Rs.

Which economic indicator would be most useful for figuring out how healthy are countries businesses?

Corporate profit is an economic indicator that helps to figure out the health of country's businesses.

Which economic indicator measures a specific type of economic activity?

The most comprehensive measure of overall economic performance is gross domestic product or GDP , which measures the “output” or total market value of goods and services produced in the domestic economy during a particular time period.

Which country has highest GDP?