Which of the Following Is a Basic Question by an Economic

question 103

Multiple Choice

Which of the following is a basic question by an economic system?

• A) for whom goods and services are produced.
• B) how goods and services are produced.
• C) what goods and services are produced.
• D) all of the above.

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Definitions:

Economically Efficient

A situation in which resources are allocated in a way that maximizes the net benefit to society, with no way to improve someone's condition without worsening another's.

Public Choice Theory

An economic theory that studies how public decisions and policies are made, considering individuals in the public sector make choices largely based on their own interests, similar to those in the private sector.

Private Sector

The part of the economy that is owned and operated by private individuals and companies, not controlled by the state, focusing on profit generation.

Economic Organization

The structured and systematic way in which economic activity is arranged in a society, including the allocation of resources, production, and distribution of goods and services.