According to F. A. Hayek, what is the fundamental economic problem facing society?

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.

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

answer; risk transference;