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
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
Which economic system relies on the price system to determine who gets what?
Market economy
Command economy
Mixed economy
Traditional economy
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
Which of the following is a factor that influences a society's choices about what to produce?
Resources
Culture
Preference
All of the above
In a command economy, who decides who gets what?
The market
The government
The people
No one
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
Define the basic economic problem of "What to produce."
This refers to the problem of deciding which goods and services to produce and in what quantity.
Name one factor that influences a society's choices about what to produce.
One factor that influences a society's choices about what to produce is Culture.
Explain the problem of deciding who should receive the goods and services produced.
This refers to the problem of deciding who should receive the goods and services produced. In a market economy, the price system determines who gets what, based on the ability and willingness to pay. In a command economy, the government decides who gets what based on social and political criteria.