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 will the price of each good 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?

Question

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 will the price of each good 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?

Quizplus · Accepted Answer

The three economic questions that must be determined in all societies are what goods will be produced, how will goods be produced, and who will get the goods produced. These questions cover the fundamental economic decisions that every society must make. Option A is incorrect because while production is a key aspect of economics, the other two questions are also critical. Option B is incorrect because the price of goods and who produces and consumes them are not the only economic questions that must be addressed. Option C is incorrect because while opportunity cost and comparative advantage are important concepts in economics, they do not cover all of the necessary questions for a society to function economically.

Three Economic Questions Must Be Determined in All Societies