AnswersGalliWCA 2221 CivicsEconomics 1st nine weeks 26-27The Three Questions of Economics

The Three Questions of Economics Answers

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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.
22
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Fantastic Snack Company has spent months developing a new type of snack chip, but the chips are not selling. Which of the following is the most likely mistake Fantastic Snack Company made?

A
conserving too valuable resources
B
spending capital it did not have
C
not researching production methods
D
not meeting the wants of its consumers
23

The questions of economics address which of the following? Choose three answers.

A
who
B
what
C
where
D
when
E
why
F
how
24

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
B
determine how people will receive the surplus crops
C
study the profitability of increasing corn production
D
understand who is in a position of authority to produce more
25

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

c
cow
m
machinery
e
employee
t
tractor
26

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
27

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?
28

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.
29

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?
30

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.
31

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.
32

One of the main questions of economics involves deciding upon the method for

A
distributing goods and services.
B
creating goods and services.
C
pricing goods and services.
D
enhancing goods and services.
33

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

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