What Are the Three Basic Economic Questions Each Society Must

question 320

Multiple Choice

What are the three basic economic questions each society must answer?

• A) what to produce; how to produce; for whom to produce
• B) how much to produce; what quality to produce; what price to sell at
• C) what to produce; how to much to produce, how to consume
• D) how much goes to government; how much goes to consumers; how much is exported

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Definitions:

Marginal Cost

The cost of producing one additional unit of a product or service.

Two-part Tariff

A pricing strategy that includes a fixed fee plus a variable charge based on usage or consumption of a product or service.

Marginal Cost

The expense associated with manufacturing an extra unit of a product.

Parking Fee

A charge imposed for the use of parking facilities, often varying based on location, time duration, and parking amenities.