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Which of the following is NOT one of the three key economic questions?
needs
Consumers and producers make their own economic choices
All the answers
All the answers
Who will produce it?
government
A country understands how to best utilize its resources to reach maximum output.
scarce
Markets are necessary because no one is able to provide all of their ________________.
needs
Consumers and producers make their own economic choices
All the answers
All the answers
Who will produce it?
government
A country understands how to best utilize its resources to reach maximum output.
scarce
Economic systems must answer the three economic questions because resources are_______________.
needs
Consumers and producers make their own economic choices
All the answers
All the answers
Who will produce it?
government
A country understands how to best utilize its resources to reach maximum output.
scarce
Which of the following is an advantage of free market economies?
needs
Consumers and producers make their own economic choices
All the answers
All the answers
Who will produce it?
government
A country understands how to best utilize its resources to reach maximum output.
scarce
The term laissez faire means that the_______________ is not involved or is involved on a very limited basis in the economy.
needs
Consumers and producers make their own economic choices
All the answers
All the answers
Who will produce it?
government
A country understands how to best utilize its resources to reach maximum output.
scarce
Which of the following statements describes the economic goal of efficiency?
needs
Consumers and producers make their own economic choices
All the answers
All the answers
Who will produce it?
government
A country understands how to best utilize its resources to reach maximum output.
scarce
Why is specialization is important in the operation of a market?
needs
Consumers and producers make their own economic choices
All the answers
All the answers
Who will produce it?
government
A country understands how to best utilize its resources to reach maximum output.
scarce
Which of the following is considered a market?
needs
Consumers and producers make their own economic choices
All the answers
All the answers
Who will produce it?
government
A country understands how to best utilize its resources to reach maximum output.
scarce
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