AnswersOC27 Economics-2102310-Sem-Murphy-DAquinoThe Three Questions of Economics

The Three Questions of Economics Answers

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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
11

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?

A
economic needs
B
economic limits
C
economic needs and wants
D
economic wants and limits
12

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
13

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

A
money available to be invested in a company
B
water held in a reservoir
C
a city’s population
D
electricity produced by a nearby power plant
14

One of the three economic questions deals with deciding

A
what goods and services should be produced.
B
what the costs of production should be.
C
how goods and services will be marketed.
D
how consumers will receive products.

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