AnswersAISD Economics 2026-27Resources and Scarcity

The Three Questions of Economics Answers

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1
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Which of the following is an example of a capital resource?

A
coal
B
machinery
C
time
D
horse
2
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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
3

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
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Traditional methods of production are outdated.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 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.
6

Which factors are considered when deciding how to make goods and services? Choose three answers.

A
determining who has the greatest need
B
finances of prospective buyers
C
methods traditionally used to make goods
D
ways to produce items at a lower cost or higher quality
E
ways to make the biggest profit
7

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.
8

If a specific economy has extra capital resources available, it will

A
be able to produce top-quality goods and services.
B
continually look to expand and invest.
C
be able to produce more goods and services needed and wanted by society.
D
have additional labor available to focus on production.
9

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
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

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