General Knowledge · Economics
Every economic organization, whether capitalist, socialist, or mixed, must solve central fundamental problems due to resource scarcity. Which of the following is considered the most fundamental production question an economy must answer?
- 1Why should the private sector be allowed to compete with the state
- 2How to ensure that every citizen has a high level of luxury
- 3What to produce and in what quantities✓
- 4How to maximize the tax revenue for the central government
Correct answer
What to produce and in what quantities
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