AnswersFinancial Literacy WMHS - Semester 1Introduction to Economics

The Three Questions of Economics Answers

0 verified answers1 views
1
Free Preview

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?
2
Free Preview

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

A
distributing goods and services.
B
creating goods and services.
C
pricing goods and services.
D
enhancing goods and services.
3

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
4

Which of the following best illustrates the importance of addressing the three questions of economics?

A
People’s desires and needs are always changing.
B
Businesses need to use limited resources wisely.
C
Traditional methods of production are outdated.
D
Businesses need to limit production.
5

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.
6

[BLANK]

A
production
B
consumption
C
usage
D
expenditures
7

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
8

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
9

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

A
cow
B
machinery
C
employee
D
tractor
10

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

Did you find these answers helpful?

More from this Course

Quiz
10 verified answers

Quiz

Quiz
9 verified answers

Introduction to Economics

Quiz
9 verified answers

Introduction to Economics

The Three Questions of Economics Answers —…