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Three Fundamental Questions of Economics

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Three Fundamental Questions of Economics

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Questions and Answers

What is the first fundamental question of Economics?

What to produce? (correct)

How to produce goods and services?

When to produce goods and services?

Who should consume goods and services?

In the context of Economics, what does the HOW question refer to?

The distribution of goods and services.

Deciding on technology and resources for production. (correct)

Choosing the target market for goods and services.

Determining the pricing of goods and services.

Which factor plays a crucial role in answering the HOW question according to the text?

Consumer demand

Education (correct)

Technological advancements

Government regulations

What is the third fundamental question of Economics as mentioned in the text?

For whom to produce goods and services? Signup and view all the answers

Which of the following correctly reflects the role of Economics professors according to the text?

They should receive higher salaries than others. Signup and view all the answers

What does Opportunity Cost refer to?

The BEST alternative sacrificed for a CHOSEN alternative Signup and view all the answers

What is the essence of Marginal Analysis?

The examination of the effects of additions to or subtractions from the current situation Signup and view all the answers

How is Marginal Benefit (MB) defined?

The benefit from pursuing an incremental increase in an activity Signup and view all the answers

What is NOT considered in Marginal Analysis?

Sunk Costs Signup and view all the answers

How should one decide whether to pursue an activity using Marginal Analysis?

$MB > MC$ Signup and view all the answers