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?

The problem of deciding on the best way to produce goods and services is known as:

Which economic system relies on the price system to determine who gets what?

Which economic problem refers to making the best use of available resources to maximize production and minimize waste?

Which of the following is a factor that influences a society's choices about what to produce?

In a command economy, who decides who gets what?

Which economic system relies on the government to decide who gets what based on social and political criteria?

Define the basic economic problem of "What to produce."

Name one factor that influences a society's choices about what to produce.

Explain the problem of deciding who should receive the goods and services produced.