What Are the Three Basic Questions Faced by Every Economy

question 192

Multiple Choice

What are the three basic questions faced by every economy?

• A) What, how, and for whom will goods be produced?
• B) When, where, and how much will be produced?
• C) Why, where, and when will goods be produced?
• D) How, how much, and why will goods be produced?

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Definitions:

Mode

The most frequently occurring score in a distribution.

Skewness

A measure of the asymmetry of the probability distribution of a real-valued random variable about its mean, indicating whether the distribution is stretched more to the left or to the right.

Normal Curve

A symmetrical, bell-shaped curve representing a normal distribution of data around the mean.