Question

can you answer these

This photo shows a label that appears on food products in the United States.

A nutrition facts label for macaroni and cheese.

This label is an example of

producer innovation in a market economy.
freedom in the free-enterprise system.
regulation by a government agency.
competition between businesses.

How would a manufacturer benefit by using fewer scarce resources?

The product would be less expensive to produce.
The product would better satisfy consumer needs.
The product would be popular and readily available.
The product would provide a more satisfactory profit.

Which of the following will be accomplished by efficient allocations of the factors of production?

guaranteeing economic success
understanding whether a product will fail
fulfilling many needs and wants of society
replenishment of limited resources

Cecilia has studied economics and knows about the value and investment potential of diamonds. The price of diamonds has recently decreased, and a new diamond mine has opened nearby. Cecilia decides to buy a diamond necklace while the prices are lower.

How did Cecilia’s knowledge of economics help her make a savvy commodity purchase?

She knew that diamonds are popular and in high demand.
She knew that diamonds are a nonrenewable resource, making them scarce.
She knew that the cost of diamonds depends only on the demand.
She knew that the purchase of diamonds will satisfy wants and needs.

Read the scenario.

Samira is a freshman basketball player who hopes to go to college on a basketball scholarship. She is offered the chance to play on her school’s varsity basketball team, which plays in tournaments during holiday breaks. Samira usually spends her breaks working at the local hardware store. After careful consideration, Samira decides to stay on the freshman basketball team and keep working over breaks.



The fact that Samira may miss out on a scholarship opportunity by staying on the freshman team illustrates

a cause.
minor consequences.
a tradeoff.
unexpected risk.

Resources needed to provide goods or services are called

factors of production.
facets of production.
functions of production.
facts of production.

Which of the following best illustrates deciding how to produce a specific product?

Should we produce jeans with expensive machinery or less expensive labor?
Can we market our jeans to teenagers or focus on people in their twenties?
Do we have enough customer support to charge more for our jeans?
Are jeans still "in," or should we develop a line of skirts instead?

Which of the following are examples of limited resources on the part of consumers?

product and space
money and product
time and money
space and time

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

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

Which situation is the best example of competition in an economic system?

A restaurant just opened down the block from a movie theater, and the restaurant owner hopes to attract diners after each movie.
A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.
A store that sells sneakers has offered a special deal to customers from a nearby health club.
A federal agency has been created to monitor the production and distribution of food supplements.

Answer 1

1) regulation by a government agency.

2) The product would be less expensive to produce.

3) fulfilling many needs and wants of society.

4) She knew that diamonds are a nonrenewable resource, making them scarce.

5) a tradeoff.

6) factors of production.

7) Should we produce jeans with expensive machinery or less expensive labor?

8) time and money.

9) methods traditionally used to make goods; ways to produce items at a lower cost or higher quality; ways to make the biggest profit.

10) A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.