The Three Questions of Economics

Question 1

The three questions of economics are based on decisions made by economies.What statement best describes why economies must make these decisions?

Revolt · Accepted Answer

B: Economies must make these decisions because resources are limited.

Question 2

Which statements correctly identify limitations of the factors of production? Check all that apply.Economies must consider their limitations when answering the three questions of economics.Land is a factor of production that is limited only by the amount available.Capital includes all money and physical facilities needed to create a product.Labor is a factor driven by the size of the population, education, and standard of living.An economy can function well when producing outside its limitations.

Revolt · Accepted Answer

A: Economies must consider their limitations when answering the three questions of economics.; C: Capital includes all money and physical facilities needed to create a product.; D: Labor is a factor driven by the size of the population, education, and standard of living.

Question 3

Land, labor, and capital also are known as factors of.

Revolt · Accepted Answer

A: production

Question 4

Economies must answer the three economic questions because resources are.

Revolt · Accepted Answer

B: limited

Question 5

If an economy does not answer the three economic questions, resources may.

Revolt · Accepted Answer

A: run out

Question 6

consequences can result when an economy does not answer the three economic questions.

Revolt · Accepted Answer

B: Negative

The Three Questions of Economics Answers

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