Which of the following best describes the three fundamental economic questions?
a. What time to produce, what place to produce, and how to produce.
b. What to produce, when to produce, and for whom to produce.
c. What to produce, when to produce, and where to produce.
d. What to produce, how to produce, and for whom to produce.
d
You might also like to view...
The above figures show the market for hamburger meat. Which figure(s) shows the effect of an increase in the price of a substitute like hot dogs?
A) Figure A B) Figure C C) Figure D D) Figures A and C
During the last part of the 19th century, which of the following factors contributed to the lag in railroad construction in the Southeast and Southwest?
a. sparseness of population b. war-induced poverty c. costal shipping d. All of the above are correct. e. Only b and c are correct.
Exhibit 8-2 Consumption function
As shown in Exhibit 8-2, dissaving occurs:
A. at $5 trillion. B. between 0 and $4 trillion. C. where disposable income is greater than $4 trillion. D. at $8 trillion.
The single most important source of productivity for economic growth for the United States has been:
A. economies of scale. B. education and training. C. technological advance. D. improved resource allocation.