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QuestionArt
Which is a simple way of describing cost-benefit analysis?
A. Measuring the overall health of an economy
B. Predicting economic decisions without much information
C. Making a decision by listing pros and cons
D. Estimating prices to the nearest dollar
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Answer
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Step 1I'll solve this problem by carefully analyzing the concept of cost-benefit analysis:
Step 2: Understanding Cost-Benefit Analysis
Cost-benefit analysis is a systematic approach to decision-making that involves comparing the potential positive outcomes (benefits) against the potential negative outcomes (costs) of a particular action or decision.
Final Answer
Making a decision by listing pros and cons The key characteristic of cost-benefit analysis is its systematic approach of comparing potential benefits against potential costs to guide decision-making, which is most closely represented by option C.
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