**Question:**Which of the following best describes what an input problem measures?- ○ resources/time- ○ money- ○ taxes- ○ production**Explanation:**This question is a multiple-choice type used often in educational settings, focusing on the concept of input problems in economics or project management. Input problems typically measure the resources or time required to achieve a particular output, and are crucial for planning and efficiency analysis.

The basic notion of the input problem is where to employ the inputs more efficiently. How the input can be allocated so that there is ultimate efficiency in the production. We will eliminate all the incorrect options and then reach the correct one.Option-1 is correct because the main question on the input problem is where to employ and what are the opportunity costs related to that specific input employment. Thus the resource and time allocation describes the best what an input problem measures. Option-2 is incorrect because money is not a determining factor for the input problem. It is a medium of exchange. Though money is used as an input for production it is not the best which describes what the input problem measures. Option-3 is also wrong because taxes are imposed mostly after the production has occurred. The taxes are mainly used to reallocate the resources. However, this is not an input problem measure. Option-4 is also incorrect because production is the final economic process. It is not a part of the input problem. This is the outcome only.

Answered: Which of the following best describes…

Business

Economics

Which of the following best describes what an input problem measures? resources/time money taxes production

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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