Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep

Category - Economics

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Which of the following economic questions must any society answer, regardless of its location, size, or political form?
  1. Who will consume the services and goods produced?
  2. What goods will be produced?
  3. What methods of producing goods are appropriate for our society?
  4. All of the above
Explanation
Answer - D - All of the above.

Key Takeaway: Any society, regardless of its location, size, or political form must answer three economic questions: What goods will be produced? What methods of producing those goods are appropriate for our society? Who will consume those goods and services that we produce?
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