Below Are Some Production Possibilities Data for the Mystical Land

question 154

Multiple Choice

Below are some production possibilities data for the mystical land of Ghandor.

-Why do economists feel that their discipline is relevant?

• A)It is able to predict the future very well.
• B)It is a value-free study.
• C)Its methodology is so different from other social sciences.
• D)The scope and range of subjects that it addresses is very wide.

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Definitions:

Factor X

A placeholder term for an unspecified or unknown factor that can influence outcomes in a given situation or calculation.

Production Function

A production function is an equation that relates the quantity of output produced to the quantities of inputs used in production.

Factors Of Production

The inputs or resources that are used in the process of producing goods and services, typically including labor, capital, land, and entrepreneurship.

Input

The resources, materials, or labor used in the production of goods and services.