Three Basic Decisions Must Be Made by All Economies

question 144

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

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Definitions:

Job Offers Accepted

Refers to the number or percentage of job offers that have been formally accepted by candidates.

Expressing Interest

Demonstrating enthusiasm or intent regarding a particular opportunity, position, or idea.

Workforce Morale

The overall sense of satisfaction, enthusiasm, and loyalty that employees feel towards their workplace.

Novel Ways

Innovative or original methods not previously used or recognized in a particular context.