ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: c. Where to produce? is not one of the primary economic questions. The basic economic questions ensure that scarce resources are used well.

Detailed explanation-2: -The correct option is d. What happens when you add to or subtract from a current situation?. The central or fundamental questions of economics are: what to produce, how to produce, and for whom to produce. So, the effect of any addition or subtraction on the on-going situation is not a fundamental question.

Detailed explanation-3: -An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?

Detailed explanation-4: -In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it?

Detailed explanation-5: -The central problem of an economy does not deal with the time of production as it is assumed that human wants are unlimited and goods are required throughout the year. Therefore, the the problem of ‘When to produce?’ is not regarded as a central problem of the economy.