Which of the Following Is Correctly Lists the Three Fundamental

question 62

Multiple Choice

Which of the following is correctly lists the three fundamental economic questions?

• A) If to produce? Why to produce? When to produce?
• B) If to produce? What to produce? How to produce?
• C) Why to produce? What to produce? How to produce?
• D) What to produce? How to produce? For whom to produce?

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Definitions:

Inelastic Demand

A situation where the demand for a product does not change significantly in response to a change in its price.

Income Elasticity

A measure that shows how a change in income affects the demand for a good or service.

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Plasma Screen

A type of display technology used in televisions and computer monitors, known for its bright, clear images and wide viewing angles.