AnswersKY-EconomicsThe Three Questions of Economics

The Three Questions of Economics Answers

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1
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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?
2
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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.
3

Which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource?

A
Who can be most creative with the product?
B
Who has the largest resource pool?
C
Who has the greatest need?
D
Who can bring in the greatest profit?
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?

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
5

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

A
cow
B
machinery
C
employee
D
tractor
6

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

A
who
B
what
C
where
D
when
E
why
F
how
7

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

A
guaranteeing economic success
B
understanding whether a product will fail
C
fulfilling many needs and wants of society
D
replenishment of limited resources
8

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.
9

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

A
It will have no consequences.
B
It will help meet citizens’ needs and wants.
C
It will have negative consequences.
D
It will help contribute to the success of the society.
10

[BLANK]

A
production
B
consumption
C
usage
D
expenditures

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