The Three Questions of Economics — Quiz

Question 1

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

Revolt · Accepted Answer

Who has the greatest need?

Question 2

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

Revolt · Accepted Answer

Businesses need to use limited resources wisely.

Question 3

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

Revolt · Accepted Answer

Should we produce jeans with expensive machinery or less expensive labor?

Question 4

What type of labor force might a pottery factory want to focus on when hiring?

Revolt · Accepted Answer

highly skilled

Question 5

Which of these is an example of a capital resource?

Revolt · Accepted Answer

machinery

Question 6

Read the 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?

Revolt · Accepted Answer

land and labor

Question 7

Which of these is an example of a land resource?

Revolt · Accepted Answer

cow

Question 8

Which of these is an example of a labor resource?

Revolt · Accepted Answer

a city’s population

The Three Questions of Economics — Quiz Answers

More from this Course

TRY EDGENUITY HACKS