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

Which of the following 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 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 4

One of the three economic questions deals with deciding

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what goods and services should be produced.

Question 5

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?

Revolt · Accepted Answer

capital

Question 6

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

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creating goods and services.

Question 7

One of the three main questions of economics addresses who should

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receive goods and services.

Question 8

Resources needed to provide goods or services are called

Revolt · Accepted Answer

factors of production.

Question 9

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.

The Three Questions of Economics Answers

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