The Three Questions of Economics

Question 1

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 2

If a specific economy has extra capital resources available, it will

Revolt · Accepted Answer

be able to produce more goods and services needed and wanted by society.

Question 3

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 4

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?

Revolt · Accepted Answer

not meeting the wants of its consumers

Question 5

One of the three economic questions deals with deciding

Revolt · Accepted Answer

what goods and services should be produced.

Question 6

productionconsumptionusageexpenditures

Revolt · Accepted Answer

production

Question 7

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

Revolt · Accepted Answer

a city’s population

Question 8

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

Revolt · Accepted Answer

methods traditionally used to make goods; ways to produce items at a lower cost or higher quality; ways to make the biggest profit

Question 9

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?

The Three Questions of Economics Answers

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