THE THREE QUESTIONS OF ECONOMICS QUESTIONS AND
GRADED ANSWERS, 100% GUARANTEE
The three questions of economics best help in making decisions about __________. -
Production
Which of the following best illustrates the importance of addressing the three questions of
economics?
People's desires and needs are always changing.
Businesses need to use limited resources wisely.
Traditional methods of production are outdated.
Businesses need to limit production. - Businesses need to use limited resources wisely.
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?
land
capital
land and labor
labor and capital - Capital
, Which factors are considered when deciding how to make goods and services? Check all that
apply.
determining who has the greatest need
finances of prospective buyers
methods traditionally used to make a good
ways to produce items at a lower cost or higher quality
ways to make the biggest profit - Methods traditionally used to make a good
Ways to produce items at a lower cost or higher quality
Ways to make the biggest profit
One of the three main questions of economics addresses who should:
produce goods and services.
market goods and services.
receive goods and services.
distribute goods and services. - Receive goods and services
Which consideration must be addressed when deciding for whom to produce?
Who can be most creative with the product?
Who has the largest resource pool?
Who has the greatest need?
Who can bring in the greatest profit? - Who has the greatest need?
Which of the following will be accomplished by efficient allocations of the factors of
production?
guaranteeing economic success
GRADED ANSWERS, 100% GUARANTEE
The three questions of economics best help in making decisions about __________. -
Production
Which of the following best illustrates the importance of addressing the three questions of
economics?
People's desires and needs are always changing.
Businesses need to use limited resources wisely.
Traditional methods of production are outdated.
Businesses need to limit production. - Businesses need to use limited resources wisely.
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?
land
capital
land and labor
labor and capital - Capital
, Which factors are considered when deciding how to make goods and services? Check all that
apply.
determining who has the greatest need
finances of prospective buyers
methods traditionally used to make a good
ways to produce items at a lower cost or higher quality
ways to make the biggest profit - Methods traditionally used to make a good
Ways to produce items at a lower cost or higher quality
Ways to make the biggest profit
One of the three main questions of economics addresses who should:
produce goods and services.
market goods and services.
receive goods and services.
distribute goods and services. - Receive goods and services
Which consideration must be addressed when deciding for whom to produce?
Who can be most creative with the product?
Who has the largest resource pool?
Who has the greatest need?
Who can bring in the greatest profit? - Who has the greatest need?
Which of the following will be accomplished by efficient allocations of the factors of
production?
guaranteeing economic success
