Three Basic Decisions Must Be Made by All Economies

question 65

Multiple Choice

Three basic decisions must be made by all economies. What are they?

• A) How much will be produced, when it will be produced, and how much it will cost.
• B) What the price of each good will be, who will produce each good, and who will consume each good.
• C) What will be produced, how goods will be produced, and for whom goods will be produced.
• D) How the opportunity cost principle will be applied, if and how the law of comparative advantage will be utilized, and whether the production possibilities constraint will apply.