Ask Question
BusinessBusiness
22 June, 20:02

Economic decisions are made at every level in society. When we try to decide which production method to use among several alternatives, which of the following key economic questions are we trying to answer?

+5
Answers (1)
  1. 22 June, 20:14
    0
    Answer: How to produce?

    Explanation: This question relates to the problem of choosing between labor intensive and capital intensive technique for the process of production.

    This questions makes economists analyze what factor of production is relatively cheap, that is, capital or labor. If the capital is cheap then production should be done using capital intensive technique.

    Otherwise, if the labor is easy and cheap to get than labor intensive technique should be adopted.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Economic decisions are made at every level in society. When we try to decide which production method to use among several alternatives, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Demmert Manufacturing incurred the following expenditures during the current fiscal year: annual maintenance on its machinery, $10,800; remodeling of offices, $44,000;
Answers (1)
g Fixed production costs for the Velvet Corporation are budgeted at $80,000, assuming 40,000 units of production. Actual sales for the period were 35,000 units, while actual production was 40,000 units. Actual fixed costs were $70,000.
Answers (1)
The major purpose of the sarbanes-oxley act of 2002 was to place caps on the compensation that could be paid to corporate executives. a. True b. False
Answers (1)
Burnett Corp. pays a constant $9.80 dividend on its stock. The company will maintain this dividend for the next 14 years and will then cease paying dividends forever.
Answers (1)
g Dybala Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Selling price $ 110 100 % Variable expenses 66 60 % Contribution margin 44 40 % The company is currently selling 5,120
Answers (1)
New Questions in Business
A company sells two products with information as follows: A B Sales price per unit $12 $22 Variable cost per unit $10 $10The products are machine made.
Answers (1)
The structural support structure must lift the pipeline above the ground to allow free passage of wildlife under the pipeline. The loading on each truss support must be determined by calculating the weight of oil and of the pipe over each support.
Answers (1)
How is a gas different from a solid or a liquid? A. A gas is made of tiny particles. B. A gas has volume. C. A gas expands to fill the container. D. A gas has density. TY
Answers (1)
Property-tax revenues for the county were reported at $770,000 on its governmental funds statement, but property-tax revenues on the county's government-wide statement of activities were reported at $800,000. Why did this difference arise?
Answers (1)
At the beginning of the period, the Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fixed factory overhead of $28,000 for 8,000 hours of production.
Answers (1)
Home » Business » Economic decisions are made at every level in society. When we try to decide which production method to use among several alternatives, which of the following key economic questions are we trying to answer?
Sign Up Forgot Password?