TRUE or FALSE: The 3 basic economic questions are:
_WHAT_ goods and services will be produced?
__HOW_ will those goods and services be produced?
For _WHOM_ will the goods and services be produced?
TRUE
FALSE
TRUE
TRUE: The 3 basic economic questions are indeed:
1. WHAT goods and services will be produced?
2. HOW will those goods and services be produced?
3. For WHOM will the goods and services be produced?
TRUE. The three basic economic questions are:
1. WHAT goods and services will be produced?
2. HOW will those goods and services be produced?
3. For WHOM will the goods and services be produced?
To arrive at this answer, we can refer to standard economic theory. These questions represent the core of what is known as an economic system. In any society, these questions need to be addressed in order to allocate resources effectively and efficiently.