AnswersGalliWCA 2221 CivicsEconomics 1st nine weeks 26-27The Three Questions of Economics

The Three Questions of Economics Answers

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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.
2
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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
d
determine how people will receive the surplus crops
s
study the profitability of increasing corn production
u
understand who is in a position of authority to produce more
3

Fantastic Snack Company has spent months developing a new type of snack chip, but the chips are not selling. Which of the following is the most likely mistake Fantastic Snack Company made?

A
conserving too valuable resources
B
spending capital it did not have
C
not researching production methods
D
not meeting the wants of its consumers
4

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.
5

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

A
cow
B
machinery
C
employee
D
tractor
6

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
7

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.
8

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

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

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

A
coal
B
machinery
C
time
D
horse
11

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
12

productionconsumptionusageexpenditures

A
production
B
consumption
C
usage
D
expenditures
13

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

A
coal
B
machinery
C
time
D
horse
14

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?
15

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
16

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
17

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.
18

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

A
cow
B
machinery
C
employee
D
tractor
19

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.
20

Fantastic Snack Company has spent months developing a new type of snack chip, but the chips are not selling. Which of the following is the most likely mistake Fantastic Snack Company made?

A
conserving too valuable resources
B
spending capital it did not have
C
not researching production methods
D
not meeting the wants of its consumers

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