AnswersKY-EconomicsThe Three Questions of Economics

The Three Questions of Economics Answers

10 verified answers
1
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productionconsumptionusageexpenditures

A
production
B
consumption
C
usage
D
expenditures
2
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A society decides that it needs to produce more corn to feed the growing population. What must it do before it begins the production process?

a
analyze existing resources, such as water availability
d
determine how people will receive the surplus crops
s
study the profitability of increasing corn production
u
understand who is in a position of authority to produce more
4

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.
5

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?
6

Which of the following best illustrates the importance of addressing the three questions of economics?

A
People’s desires and needs are always changing.
B
Businesses need to use limited resources wisely.
C
Traditional methods of production are outdated.
D
Businesses need to limit production.
8

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.
9

Which factors are considered when deciding how to make goods and services? Choose three answers.determining who has the greatest needfinances of prospective buyersmethods traditionally used to make goodsways to produce items at a lower cost or higher qualityways to make the biggest profit

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
10

Which of the following best illustrates deciding how to produce a specific product?

A
Should we produce jeans with expensive machinery or less expensive labor?
B
Can we market our jeans to teenagers or focus on people in their twenties?
C
Do we have enough customer support to charge more for our jeans?
D
Are jeans still "in," or should we develop a line of skirts instead?

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