Which of the following is not one of the basic economic questions? a. What to produce? b. How to produce? c. Where to produce? d. For whom to produce? | Homework.Study.com (2024)

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• Which of the following is not one of the three fundamental economic questions? a. For whom to produce? b. How to produce? c. What to produce? d. What happens when you add to or subtract from a current situation?
• An economic system must answer four fundamental questions. Which of the following is not one of the fundamental questions? A. What to produce? B. How to produce? C. For whom is the output to be produced? D. When to produce?
• Which of the following best describes the three fundamental economic questions? a. What to produce, when to produce, and where to produce b. What time to produce, what place to produce, and how to produce c. What to produce, when to produce, and for wh
• Which of the following best describes the three fundamental economic questions? a. what to produce, where to produce, and where to produce. b. what time to produce, what place to produce, and how to produce. c. What to produce, when to produce, and fo
• Which of the following is not one of the three fundamental economic questions? a. What happens when you add to or subtract from a current situation? b. For whom to produce? c. How to produce? d. What to produce?
• Which of the following questions must be answered by all economics? a. How much to produce? When to produce? How much does it cost? b. What is the price? Who will produce it? Who will consume it? c. What to produce? How to produce? For whom to produce? d.
• Every economy has to answer a few basic questions such as "what to produce" and "how to produce." What does the "how to produce" question mean in the context of the economy?
• Describe how the three fundamental economic questions of what, how, and for whom are used to produce goods and services.
• Which of the following decisions must be made by all economics? a. How much to produce? When to produce? How much does it cost? b. What is the price? Who will produce it? Who will consume it? c. What to produce? How to produce? For whom to produce? d. Non
• All economic systems have to answer the following questions. What goods should be produced? How should the goods be produced? For whom should the goods be produced? Why must these questions be asked?
• Relating to economics, what is production and what are the forms of production?
• How does a centrally planned economy solve the central economic problems (what to produce, how to produce, and for whom to produce)?
• Explain the benefits of a market economy in answering the 3 basic economic questions. 1. What is to be produced? 2. How are the goods to be produced? 3. For whom are the goods produced?
• The Invisible Hand Theorem states that the market system will generally answer which of the following question(s) correctly? A. For whom to produce? B. How to produce? C. What to produce? D. B and C are both correct.
• The two big economic questions include all of the following except: A) what to produce. B) how to produce. C) for whom to produce. D) why to produce. E) can choices made in the pursuit of self-interest also promote the social interest.
• Which of the following questions are fundamental questions that every economic system must answer? i. What goods should be produced? ii. How can firms maximize profits? iii. When can the goods be delivered? iv. How should the goods be produced? v. W
• What are the basic economic questions? How is each question answered?
• Which of the following statements does not apply to a market economy? a. Firms decide whom to hire and what to produce. b. Households decide which firms to work for and what to buy with their incomes. c. Prices act as a "visible hand" to direct economic a
• What is the production function? How is it related to economics?
• Identify and explain the three basic economic questions that must be answered by any economic system.
• There are three questions, which must be addressed by any economy: What should be produced? How should they be produced, and to whom do they go? For each of the questions, provide a criticism, or praise, of how each is answered in the United States (or an
• In which economic system do individuals answer the basic economic questions?
• How can the factors of production be related to the economic problem?
• Which of the following statements does NOT apply to a market economy? a. Firms decide whom to hire and what to produce. b. Households decide which firms to work for and what to buy with their incomes. c. Prices act as a "visible hand" to direct economic
• What are the main factors of production that are known by economics?
• Which of the following explains why economic choices must be made? a. The factors of production are expensive b. The factors of production are used inefficiently c. The factors of production are of in
• In which economic system are the answers to the basic economic questions determined by custom?
• What are the factors that determine what is produced in an economy?
• Which of the following is a fundamental economic question? A. Who will get how much of each good and service? B. Who should pay taxes? C. Who will work? D. Who will make the economic decisions? E. Who will be allowed into the economy?
• Answer the following questions: 1.What is the definition of economics? 2.Differentiate between microeconomics and macroeconomics. 3.Briefly explain factor of production.
• What are the three fundamental economic questions?
• For each of the following, indicate whether it is more likely to be associated with a Laissez-Faire economy or a Centrally Planned economy. 1. Fundamental economic questions such as what is produced, who will receive the output, what is the price, are ans
• What are some different "factors of production" as it relates to business and economics?
• All economies, no matter what their form of economic organization, must address what is known as the "three fundamental questions:" What? How? For Whom? Examine each of these questions.
• In any economic system, the question of what to make, how to make it, and who gets the final product must be addressed. In a free-market economy, who determines the answer to this question? a. buyers and sellers in the market b. those who are not in the m
• In Economics, what are the five factors of production?
• Economic efficiency is the primary guide in answering which of the fundamental questions in a market economy? (i) What will be produced? (ii) How is the output to be produced? (iii) How can the system accommodate change? (iv) Who is to receive the output
• Which of the following is a microeconomic question? a. What are the total production levels in the economy? b. How can we best encourage economic growth? c. What is the overall price level in the economy? d. What are the variables that determine the price
• What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?
• List any two factors of production in business economics.
• Pick one of the five fundamental economic questions and explain how it is answered by the market system.
• The economic question of what will be produced is: a. primarily answered by markets in a command economy. b. faced by all economies regardless of their wealth. c. cannot be illustrated by the economic concept of the production possibilities frontier.
• What are three core economic issues raised by economists to resolve the problems of economic scarcity?
• Identify which of the following questions is a microeconomic question. A. Can the Fed bring prosperity by cutting interest rates? B. What is the cause of unemployment? C. Will the economy of China expand faster than the U.S. economy? D. How would a tax on
• What are the factors of production in microeconomics?
• How do market economies ultimately determine what goods and services are produced, how the goods and services will be produced, and who will receive the goods and services? A. The government determines what goods and services are produced, how to produce
• Consider an economy that produces only three types of fruit: apples, oranges, and bananas. Answer the questions considering the following information.
• Economic systems differ from one another based on who own the factors of production and A. how much resources are available in the economy and where they are located. B. who make decisions regarding what to produce and how it is produced. C. what kinds of
• Which of the following best illustrates the importance of addressing the three questions of economics? a. People's desires and needs are always changing. b. Businesses need to use limited resources wisely. c. Traditional methods of production are outdated
• Describe the differences between how capitalist and socialist economies determine what goods to produce, for whom these goods are produced, and how these goods are produced. Give an example.
• Explain Production and Costs in economics.
• How can we define "production" in economics?
• In a market economy, how do we determine who will get the goods and services that have been produced?
• How does a market economy solve the what, how, and for whom to produce problems?
• A) In a free market, who decides what is produced? B) In a command economy, who decides what is produced?
• Which part of economics focuses on the behavior of basic elements of the economy?
• In economics, the questions what, how, how much, and for whom to produce are answered mainly by: A. government B. price C. enterprise D. tradition
• How does the household provide the various factors of production in economics?
• Economic systems differ from one another based on who owns the factors of production and A. how much resources are available in the economy and where they are located. B. who makes decisions regarding what to produce and how it is produced. C. what kinds
• In economics, what is production?
• In which economic system are the basic economic questions answered by government planners?
• Consumers in a free enterprise economy ultimately determine _____ to produce. A. when B. how C. what D. where
• Which of the following is a macroeconomics question? A) What determines the unemployment rate? B) How is the production quantity of digital cameras determined? C) What factors determine the price of iPhones? D) What determines the wages and benefits of
• In modern economies, individuals in markets make most of the decisions about: a. what to produce b. how to produce c. for whom to produce d. all of these
• What are the three basic economic questions? How are decisions made differently in a market economy than in a planned economy?
• Which of the following accurately describes the fundamental problem at the core of all economic analysis? The fundamental problem is: a. understanding how resources can be used without creating scarcity. b. finding the way in which society can eliminate s
• What are the Supply Factors that affect economic growth?
• According to the free-market economic ideology who should determine who owns the means of production?
• Consider an economy described by the production function: Y = F(K,L) = K1/2L1/2. Answer the questions below.
• Consider an economy described by the production function: Y = F(K,L) = K^(0.4)L^(0.6). Answer the questions.
• How are the basic economic questions answered in a barter economy?
• How does a laissez faire economy make the decision about what goods and services will be produced? a.) Lawmakers in government vote on what will be produced b.) Producing firms decide what they choose
• If food production is not sufficiently profitable to make a living, what conclusions would you draw about an economy or economic system?
• State an economic product for which the demand rises faster than income when income grows.
• What is the economic importance of production in an economy?
• Which of the following is the most important factor affecting economic growth?
• What is an economic system where people and industries are free to choose what to consume and to produce?
• Which of the following is a microeconomic question: a. What is the overall price level in the economy? b. What are the variables that determine the price of a specific good? c. How can we best encourage economic growth? d. How can we reduce the unemployme
• How are the basic economic questions answered in a command economy?
• In the economics of production, what is the short run is characterized by?
• Which economic theory is used in low production costs, that lead to higher demand, which therefore leads to more profits?
• Which of the Principles of Economics does welfare economics explain more fully? a. A country's standard of living depends on its ability to produce goods and services. b. Trade can make everyone better off. c. The cost of something is what you give up t
• Which of the following statements regarding the basic economic problem of scarcity is correct? a. The problem only exists in countries that are not highly industrialized. b. The problem is likely to d
• What is referred to as the output per employed worker in economics?
• What are the three basic economic problems in the study of economics?
• What are the assumptions necessary to represent the production possibilities in a simple economic system?
• Which of the following is an example of a normative economics statement? a. Scarcity is the root cause of all economic problems. b. Distribution of national products should be equal or unequal. c. China is the most populous country in the world. d. All of
• A) What are the two main sectors of the economy, and how do they interact? B) What are their respective functions?
• How are consumer and production related in economics?
• What is economics and what are the fundamental problems in economics?
• Define a commodity economy.
• What are some types of economic resources? Explain them in detail.
• How does the Production Possibilities Curve demonstrate the fundamental economic problem?
• What is the single most important economic concept and what makes it so important?
• Which of the following is a correct characterization of socialism? a. Tradition answers the basic economic questions. b. Markets are used exclusively to answer the basic economic questions. c. Central planning is used to answer the basic economic quest
• What are the factors affecting choice of tecnique of production economics?
• Explain the concept of economic cost. What types of economic costs are there?
• What are the factors that contribute to economic growth?
• Identify the central fact of economics and explain how it relates to the economic problem.
• Determine which of the following statements are correct: I. Positive economic analysis can inform normative judgments but cannot provide definitive answers to these questions. II. Economics can answer questions about what is ethical. III. Economic theor