The Three Questions of Economics

Question 1

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

Revolt · Accepted Answer

cow

Question 2

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 3

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 4

One of the three economic questions deals with deciding

Revolt · Accepted Answer

what goods and services should be produced.

Question 5

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 6

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 7

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 8

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 9

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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