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For information to be useful for decision making, all of the following should be true except

A. the information is complete
B. the cost of collecting the information exceeds its benefits
C. the information can be verified
D. the information is accurate

User Talat
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7.8k points

1 Answer

2 votes

Final answer:

The information being useful for decision making depends on its completeness, verifiability, and accuracy, not on the statement that the cost of collecting it exceeds its benefits, which should indeed not be true for information to be considered useful.

Step-by-step explanation:

For information to be useful for decision making, all of the following should be true except B. the cost of collecting the information exceeds its benefits. This statement is actually what we would not want to be true as cost-efficient accessibility to information is vital for effective decision making. Useful information must be complete, verifiable, and accurate to facilitate good decisions. However, if the costs associated with acquiring this information are greater than the potential benefits that could be derived from it, it would not be deemed useful in an economic sense. Economists and business professionals often grapple with imperfect information in the real world, accepting that, while we may not have access to all the data necessary for making perfect decisions, decisions still must be made with the best available data in the most cost-effective manner.

User Mike Hanrahan
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