Which central problem deals with choice of technology to be used for production? (
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Shift 11/06/2023 3:30 PM - 6:30 PM
Correct Answer
Detailed Explanation
The central economic problems, often referred to as the three fundamental economic questions, are as follows:
1. What to produce and in what quantity?- This question pertains to the allocation of resources to produce specific goods and services. It involves decisions about what products should be produced and the quantity of each.
2. How to produce?- This question deals with the choice of technology and methods to be used for production. It includes decisions about the most efficient and cost-effective ways to produce goods and services.
3. For whom to produce? - This question relates to the distribution of goods and services among individuals and households. It involves decisions about who gets to consume the products and how they are allocated among different members of society.
So, the central problem that deals with the choice of technology to be used for production is the second question: "How to produce?"
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