ECONOMICS-QUIZ

It is the application of economic principles and calculations to engineering projects

The prospective outcomes of the alternatives, economic and other should be consistently developed from a defined viewpoint/perspective. Under what principle is this?

Selection of a preferred alternative requires the use of criterion. Under what principle is this?

Improved decision making results from an adaptive process; to the extent practicable, the initial projected outcomes of the selected alternative should be subsequently compared with actual results achieved. Under what principle is this?

These are stand-alone descriptions of viable solutions to problems that can meet the objectives.

A reasonable rate of return established for the evaluation and selection of alternatives.

The change in costs due to change in the level of activity or pattern or technology or process or method of production is known as?

An irrecoverable cost and is caused by complete abandonment of a plant.

It is the maximum possible alternative earning that might have been earned if the productive capacity or services had been put to some alternative use.

It is the cost at which there could be purchase of an asset or material identical to that which is being replaced or revalued.