A production function measures the relation between
Input prices and output prices
Input prices and the quantity of output
The quantity of inputs and the quantity of output
The quantity of inputs and input prices
Due to scarcity of resources
Every society must undertake central planning
The government must decide how to allocate the available resources
Some members of each society only can live
Every society must choose among competing uses of available resources
Wages paid in money terms is called
Real Wages
Nominal Wages
Theory of Wages
Low Wages
Macro economics is otherwise known as
Welfare Economics
Development Economics
Aggregate Economics
Micro Economics
Economics is the study of
Production Technology
Consumption Decisions
How society decides what, how and for whom to produce
The best way to run society
