In economics, the “how” or input question ref...
In economics, the “how” or input question refers to
The problem of allocating scarce resources among competing uses
The way in which factors of production may be combined to produce output
The way in which a firm decides on its profit maximising rate of output
The problem of how output is distributed among individuals and groups in society.
Correct answer is B
The economic question of "how to produce" refers to, which techniques are to be adopted? This question is important because the choice of technique depends on the prices of the factors of production.
That is, if labour is cheap and capital is expensive, a labor-intensive technique would be considered and vice-versa. The prices of labour and capital are determined by the demand for and supply of labour and capital respectively.
The curve labeled II illustrates a system of taxation ...
The term "Money at call and short notice" in a bank's assets represents the bank's...
A fall in the marginal propensity to save will lead to ...
One way of correcting the balance of payments problem of a country is to ...
An increase in the price of a commodity will result in ...
Effective demand in economics means ...
Warehousing facilities in the distribution and marketing of products are provided by ...
The cost elasticity of supply is a useful instrument for measuring ...
One benefit a country can derive from the extraction of crude oil is increase in? ...
Import substitution as a strategy of industrialization is the ...