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Questions and Answers
What is an example of a decision producers have to make?
What is an example of a decision producers have to make?
- Whether to produce single use consumer goods or durable consumer goods (correct)
- Whether to invest in stocks or bonds
- Whether to expand internationally or focus on local markets
- Whether to outsource production or keep it in-house
What are the central problems of the economy?
What are the central problems of the economy?
- How to expand the consumer base
- How to reduce production costs
- What to produce and how much to produce (correct)
- How to market products effectively
What does 'how to produce' refer to?
What does 'how to produce' refer to?
- How to negotiate with suppliers for better prices
- How to advertise products effectively
- How to allocate resources and choose the right technique of production (correct)
- How to manage human resources within the organization
What is the labor-intensive technique of production?
What is the labor-intensive technique of production?
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What is the capital-intensive technique of production?
What is the capital-intensive technique of production?
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