The Three Fundamental Questions That Any Economy Must Address Are

question 153

Multiple Choice

The three fundamental questions that any economy must address are

• A) what will be the prices of goods and services; how will these goods and services be produced; and who will receive them.
• B) what goods and services will be produced; how will these goods and services be produced; and who receives them.
• C) who gets jobs; what wages do workers earn; and who owns what property.
• D) how much will be saved; what will be produced; and how can these goods and services be fairly distributed.

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Definitions:

Buyout Clause

A contractual provision allowing for the purchase of a particular asset or the stake of a business partner under predefined circumstances.

Limited Partnership

A partnership arrangement where some partners have limited liability to the extent of their investment, while others have full liability.

General Partner

A member of a partnership who has unlimited liability for the debts of the business and plays an active role in its management.

LLLP

A Limited Liability Limited Partnership (LLLP) is a form of partnership that provides limited liability to all its partners, not just the limited partners as in a traditional limited partnership.