Answer:
According to F.A. Hayek, the fundamental problem facing every society is how to use limited resources in the most optimal way possible.
Explanation:
To Hayek, this problem could not be fully solved by any society, but the best a society could do is to rely on the price system, only possible under a free market, to signal which uses were more optimal than others.
This is also the reason why F.A. Hayek, along with fellow Austrian economists Ludwing Von Mises, believe that socialism could not work: socialism, according to Hayek and Mises, destroyes the price system, and without it, society has no rational way to allocate resources in an optimal way.
To choose the two best, we have a target of two candidates, A & B
The first one chosen is either A or B, with a propability of 2/5.
The second one is the only interested candidate out of 4, so 1/4.
So probability of choosing the best two is 2/5*1/4=1/10.
Alternatively, use the combination formula,
P(AB in any order) = 5!/(2!3!)=120/(2*6)=1/10
or in general,
n choose r = nCr = n!/(r!(n-r)!)
Answer:
Tires bought by a driver for her personal use- final good
Memory card bought by a photographer-intermediate good
Lenses bought by a camera manufacturer- intermediate good
Tires bought by a car manufacturer-intermediate good
Explanation:
Since tires are for personal use and not used to produce any other good it will be classified as a final good.
A memory card bought by a photographer will be used in creating new pictures, so it will be categorized as an intermediate good.
Similarly, lenses bought by a camera manufacturer will be used for making cameras and tires bought by a car manufacturer will be used for making cars. So both will be classified as a final good.
Option C wearing straw hats become popular
