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What is the role of the three questions of economics?
to assess product profitability
to aid in production decisions
to offset a poor economy
to determine quality and cost
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Answer: to aid in production decisions.
The three basic economic questions — what to produce, how to produce, and for whom to produce — guide how scarce resources are allocated and determine production and distribution choices in an economy.
The three basic economic questions — what to produce, how to produce, and for whom to produce — guide how scarce resources are allocated and determine production and distribution choices in an economy.
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