The Problem of Determining What Goods and Services Society Should

question 36

Multiple Choice

The problem of determining what goods and services society should produce exists because:

• A) resources are plentiful.
• B) resources are scarce.
• C) most of our resources are privately rather than socially owned.
• D) most of our resources are socially rather than privately owned.

---

Definitions:

Economic Inflation

A general increase in prices and fall in the purchasing value of money over time.

Buying Power

The ability of individuals or entities to purchase goods and services, often influenced by income levels, inflation, and market conditions.

Domestic Currency

The legal tender or currency that is circulated for use and accepted for exchange within the domestic economy of a country.

Dollarization

The process of a country adopting the US dollar as its primary currency, either officially or unofficially, alongside or in place of its own national currency.