Asked by pizza and spagghetti on Jul 15, 2024
Verified
Which of the following is one of the Five Fundamental Questions?
A) Which products will be in scarce supply and which in excess supply?
B) Who should appoint the head of the central bank?
C) How much should society save?
D) What goods and services will be produced?
Five Fundamental Questions
The five fundamental questions refer to key economic questions any economy faces about what goods to produce, how to produce them, for whom to produce, how to accommodate change, and how to promote innovation.
Scarce Supply
A situation where the availability of a product or service is limited relative to the desire or demand for it.
- Understand the fundamental questions of economics regarding what, how, and for whom goods and services are produced.
Verified Answer
SM
Sabrina MitchellJul 22, 2024
Final Answer :
D
Explanation :
The question "What goods and services will be produced?" is one of the Five Fundamental Questions in economics, which pertains to the allocation of resources to produce specific goods and services needed or demanded by the society. Choices A and C are related to economic issues but not considered as part of the Five Fundamental Questions. Choice B is more of a political question.
Learning Objectives
- Understand the fundamental questions of economics regarding what, how, and for whom goods and services are produced.