The Three Questions of Economics

Question 1

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

Revolt · Accepted Answer

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

Question 2

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 3

Which of the following is an example of a capital resource?

Revolt · Accepted Answer

machinery

Question 4

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?

Revolt · Accepted Answer

analyze existing resources, such as water availability

Question 5

Failure to address the three questions of economics will have what kind of impact on an economy?

Revolt · Accepted Answer

It will have negative consequences.

Question 6

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?

Revolt · Accepted Answer

economic needs and wants

Question 7

One of the three economic questions deals with deciding

Revolt · Accepted Answer

what goods and services should be produced.

Question 8

Resources needed to provide goods or services are called

Revolt · Accepted Answer

factors of production.

Question 9

Which of the following will be accomplished by efficient allocations of the factors of production?

Revolt · Accepted Answer

fulfilling many needs and wants of society

Question 10

Which of the following is an example of a labor resource?

Revolt · Accepted Answer

a city’s population

The Three Questions of Economics Answers

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