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Trade-offs force society to make choices, particularly when answering the following three fundamental questions: A
Trade-offs force society to make choices, particularly when answering the following three fundamental questions:
A. One, what goods and services will be produced two, how will the goods and services be produced? Three, is the distribution of goods and services fair?
B. One, what goods and services will be produced in foreign countries? Two, who will produce the goods and services? Three, who will receive the goods and services produced?
C. One, what goods and services will be produced domestically? Two, how will the goods and services be produced? Three, is the distribution of goods and services fair?
D. One, what goods and services will be produced? Two, how will the goods and services be produced? Three, who will receive the goods and services produced?
Expert Solution
Answer: D
Trade-offs force society to determine first what will be produced. It matters less where the goods/services are produced since trade can occur and where they are produced is included in how the goods are produced. Thus answers B and C are incorrect. The next question is how they are produced which includes where and who works on it. The final question is who will get what was produced not if it is fair. Fairness is a subjective measure. The economy must decide who gets what goods and this usually depends on what they did in the previous steps.
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