Basic Economic Problems of Society - SS1 Economics Past Questions and Answers - page 1
Which of the following is NOT one of the basic economic problems of society?
How to produce
When to produce
For whom to produce
What to produce
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The problem of deciding on the best way to produce goods and services is known as:
What to produce
How to produce
For whom to produce
The efficiency of resource use
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Which economic system relies on the price system to determine who gets what?
Market economy
Command economy
Mixed economy
Traditional economy
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Which economic problem refers to making the best use of available resources to maximize production and minimize waste?
What to produce
How to produce
For whom to produce
Efficiency of resource use
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Which of the following is a factor that influences a society's choices about what to produce?
Resources
Culture
Preference
All of the above
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In a command economy, who decides who gets what?
The market
The government
The people
No one
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Which economic system relies on the government to decide who gets what based on social and political criteria?
Market economy
Command economy
Mixed economy
Traditional economy
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Define the basic economic problem of "What to produce."
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Name one factor that influences a society's choices about what to produce.
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Explain the problem of deciding who should receive the goods and services produced.
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