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:

Hydrangeas

A genus of flowering plants known for their large, showy blooms that can change color based on the soil pH.

Phenotype

The set of observable characteristics or traits of an organism resulting from the interaction of its genotype with the environment.

Codominance

Inheritance pattern in which both alleles of a gene are equally expressed in a heterozygote.

True-breeding

Refers to organisms that, when bred, produce offspring with characteristics that are genetically identical to themselves.