AnswersOC27 Economics-2102310-Sem-MeadowsThe Three Questions of Economics

1.1 The Three Questions of Economics Answers

28 verified answers6 views
21
Free Preview

Which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource?

A
Who can be most creative with the product?
B
Who has the largest resource pool?
C
Who has the greatest need?
D
Who can bring in the greatest profit?
22
Free Preview

One of the three economic questions deals with deciding

A
what goods and services should be produced.
B
what the costs of production should be.
C
how goods and services will be marketed.
D
how consumers will receive products.
23

If a specific economy has extra capital resources available, it will

A
be able to produce top-quality goods and services.
B
continually look to expand and invest.
C
be able to produce more goods and services needed and wanted by society.
D
have additional labor available to focus on production.
24

One of the three main questions of economics addresses who should

A
produce goods and services.
B
market goods and services.
C
receive goods and services.
D
distribute goods and services.
25

[BLANK]

A
production
B
consumption
C
usage
D
expenditures
26

Which factors are considered when deciding how to make goods and services? Choose three answers.

A
determining who has the greatest need
B
finances of prospective buyers
C
methods traditionally used to make goods
D
ways to produce items at a lower cost or higher quality
E
ways to make the biggest profit
27

Resources needed to provide goods or services are called

A
factors of production.
B
facets of production.
C
functions of production.
D
facts of production.
28

Read the following scenario. A clothing company wants to expand into new regions. It is looking at an urban area with a large number of vacant warehouses. The population is made up of people with average educations and a lower standard of living. The company is experiencing slower sales but has hopes that product will take off and be successful. Which of the factors of production will the company need to address most closely when making its decision to expand?

A
land
B
capital
C
land and labor
D
labor and capital
29

Zahara is wondering how she will be able to afford her monthly tv streaming services, water bill, groceries, and cell phone bill. What economic concept concerns Zahara?

A
economic needs
B
economic limits
C
economic needs and wants
D
economic wants and limits

Did you find these answers helpful?

More from this Course

Quiz
25 verified answers

The Three Questions of Economics

Quiz
16 verified answers

Opportunity Cost

Quiz
10 verified answers

The Three Questions of Economics