The reduction of waste Correct! While waste may be reduced by players in the game of economics, this is not necessarily a part of that game. The correct answer is: The reduction of waste. While waste may be reduced by players in the game of economics, this is not necessarily a part of that game.
Q. Which of the following best explains why the game of economic does not have a single goal?
The statement that best explains why the game of economics does not have a single goal is “Different people want different things out of life. It could sound strange, but not everybody wants to be rich and famous. In life, many people want different things. So in economics, goals are not compatible with all the people.
Q. Which of the following best explains why goals are necessary for making allocation decisions?
Which of the following best explains why goals are necessary for making allocation decisions? The available resources cannot be used to pursue every goal that each individual has. There are not enough resources to produce all of the goods and services that everyone wants.
Q. Which of the following best explains why the game of economics Cannot eliminate scarcity?
Which best explains why the game of economics cannot eliminate scarcity? No matter how much supply is produced, people’s demands will always increase to exceed supply.
Q. Which best describes what labor directly contributes to production?
How is production to be organized? Which best describes what labor directly contributes to production? Human effort and ideas drive production. Which explains why scarcity cannot be eliminated?
Q. Which question must be answered in order to turn resources into products?
How should production be organized? Explanation: In order to turn the resources into the products, the question relates to how the production of the goods and services should be organized and in what manner they have to be kept with an objective to availability for the future uses.
Q. What is production function and its importance?
In economics, a production function relates physical output of a production process to physical inputs or factors of production. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labor.
Q. What are the factors of production which is the most important and why?
Answer. Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market. It includes the skilled and unskilled work force of a nation.
Q. What happens when real GDP increases?
An increase in GDP will raise the demand for money because people will need more money to make the transactions necessary to purchase the new GDP. Thus an increase in real GDP (i.e., economic growth) will cause an increase in average interest rates in an economy.
Q. Can nominal GDP increase even when real GDP decreases?
Nominal GDP can increase while Real GDP decreases if the quantity of goods goes down (which will decrease Real GDP) but the price level goes up enough to make up for that decrease.
