Question 12
Question 12 of 30

Question image for Q12
You can solve this MCQ to see its answer, but your attempt won't be logged unless you login
No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct

Topics Tested

Survival, social welfare, profit maximisation and growth.

With respect to public goods, merit and demerit goods, external costs and external benefits, abuse of monopoly power and factor immobility.

Establishing that the economic problem creates three key questions about determining resource allocation – what to produce, how, and for whom.