Which of the following is not one of the basic economic s ?
Correct answer: D. How to maximize economic growth
- A. What to produce
- B. Who to produce for
- C. How to produce
- D. How to maximize economic growth
Explanation
The basic economic questions are what to produce, how to produce and for whom to produce. Maximizing economic growth is a policy objective, not one of these fundamental allocation questions.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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