Answered: 1. It refers to a basic economic…

1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 4QR

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Question

Choose the Letter of the Correct Answer

1. It refers to a basic economic question that asks what needs and wants to be produced?.

A. How much to produce?

B. What to produce?

C. How to produce?

D. For whom to produce?

2. It refers to the skills and talents to produce a product.

A. How much to produce?

B. What to produce?

C. How to produce?

D. For whom to produce?

3. It refers to the target market of a certain product.

A. How much to produce?

B. What to produce?

C. How to produce?

D. For whom to produce?

4. A basic economic question that relates about quality and quantity of the product.

A. How much to produce?

B. What to produce?

C. How to produce?

D. For whom to produce?

5. It is a kind of economic system that is paternal, kinship in nature.

A. Traditional economic system

B. Market economic system

C. Command economic system

D. Mixed economic system

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