The Selection of Particular Products' Production Processes

question 115

Multiple Choice

The selection of particular products' production processes

• A)determines the output of other products made with those inputs at the same time.
• B)is part of the distribution problem in an economy.
• C)is accomplished without regard to profit in a laissez-faire economy.
• D)depends upon plans for distribution of the products.

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Definitions:

Normative Economics

A branch of economics that examines the desirability of certain aspects of the economy, focusing on what should be rather than what is.

Fallacy Of Inductive Reasoning

The fallacy of inductive reasoning occurs when a general conclusion is drawn from a limited set of specific observations, potentially leading to erroneous or unfounded claims.

Post Hoc, Ergo Propter Hoc

A logical fallacy where it is assumed that if one event follows another, the first event caused the second.

Stability

A condition in which national output is growing steadily, with low inflation and full employment of resources.