Which of the Following Is Not an Economic Decision in a Modern

question 24

Multiple Choice

Which of the following is not an economic decision in a modern economy?

• A) Where will the products produced be consumed?
• B) How will we produce it?
• C) Who consumes the products produced?
• D) What will be produced?

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Definitions:

Good

An item or product that satisfies a want or need and can be transferred to others.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gain from the transaction.

Market Equilibrium

A market state where the quantity demanded equals the quantity supplied, leading to no pressure on the price to either rise or fall.

Good

A material item or service that satisfies a want or need and is available for sale or trade.