Multiple Choice
Three basic decisions must be made by all economies. What are they?
A) How much will be produced; when will it be produced; who will produce it?
B) What goods will be produced; how will goods be produced; for whom will goods be produced?
C) What will be consumed; how will goods be consumed; for whom will goods be consumed?
D) How will the opportunity cost principle be applied; if the law of comparative advantage will be utilized, how will it be utilized; will the production possibilities constraint apply?
Correct Answer:
Verified
Correct Answer:
Verified
Q17: Which of the following most accurately states
Q18: When the production possibilities curve is bowed
Q19: When property rights are clearly defined and
Q20: Michael takes 10 minutes to iron a
Q21: Abigail wishes to spend more time this
Q23: Middlemen are individuals who<br>A) add to the
Q24: If an economy uses its resources inefficiently,
Q25: Use the production possibilities data below to
Q26: When private ownership of a resource is
Q27: When collective decision making is utilized to