Three economic questions must be determined in all societies. What are they?
A)How much will be produced? When will it be produced? How much will it cost?
B)What the price of each good will be? Who will produce each good? Who will consume each good?
C)What is the opportunity cost of production? Does the society have a comparative advantage in production? Will consumers desire the goods being produced?
D)What goods will be produced? How will goods be produced? Who will get the goods produced?
E)Who needs the goods the most? Who will produce the goods? How will goods be produced?

Question

Quizplus · Accepted Answer

The three economic questions that must be determined in all societies are what goods will be produced, how they will be produced, and who will get the goods produced. These questions are commonly known as what to produce, how to produce, and for whom to produce. Option D addresses all three questions. Option A only addresses what and when but not for whom or how much it will cost. Option B only addresses who will produce and consume and the price but not what to produce or how to produce. Option C addresses the opportunity cost and comparative advantage aspects of production but not for whom to produce or how to produce. Option E only addresses who needs the goods the most but not what to produce or how to produce.

Three Economic Questions Must Be Determined in All Societies