Which phrase best defines scarcity? (1 point) Responses a state in which productive resources are not enough to create a given good or service a state in which productive resources are not enough to create a given good or service a state in which human wants are greater than the resources available to fill those wants a state in which human wants are greater than the resources available to fill those wants a state in which too few choices exist for a consumer to fulfill needs and wants a state in which too few choices exist for a consumer to fulfill needs and wants a state in which the opportunity costs of a given choice are less than the benefits of a given choice
11 answers
a state in which productive resources are not enough to create a given good or service
Which of the following is one of the three basic economic questions? (1 point) Responses For whom to produce? For whom to produce? How many units to produce? How many units to produce? Which resources to use to produce? Which resources to use to produce? Which types of production are most important?
For whom to produce?
A baker in Arkansas wants to sell expensive cakes. She has already determined the tools and resources she will need to produce them. Which of the following best answers the third basic economic question for her business? (1 point) Responses Her bakery would be located in an affordable area of Arkansas. Her bakery would be located in an affordable area of Arkansas. She would sell cakes to local residents with high incomes. She would sell cakes to local residents with high incomes. Her product line would also include cupcakes and pastries. Her product line would also include cupcakes and pastries. She would obtain flour and sugar from local manufacturers.
She would sell cakes to local residents with high incomes.
How does free trade affect the United States? Select all that apply. (1 point) Responses lower prices lower prices decreased wages decreased wages higher farm profits higher farm profits less variety in businesses less variety in businesses more low-skill jobs more low-skill jobs increased consumer choice
lower prices
higher farm profits
increased consumer choice
higher farm profits
increased consumer choice
How does division of labor affect the final product? (1 point) Responses lower price, lower quality lower price, lower quality lower price, higher quality lower price, higher quality higher price, lower quality higher price, lower quality higher price, higher quality
lower price, higher quality
One of Arkansas’s main imports is tractor-trailer trucks. What does this fact suggest about the economy of Arkansas and its interdependence with other state and world economies? (4 points)
This fact suggests that Arkansas relies on the importation of tractor-trailer trucks because either they are not produced within the state or the demand for them exceeds the local supply. Importing tractor-trailer trucks implies that Arkansas is interconnected with other states and possibly international markets for meeting its transportation needs.
It also indicates that Arkansas is part of a larger economic system where specialization occurs - other regions or countries may specialize in truck manufacturing, which can lead to economic efficiencies and cost savings when trading goods and services.
Overall, this demonstrates the interdependence of Arkansas with other economies, both within the United States and globally, as they engage in trade to access resources and products that are not readily available or produced within the state.
It also indicates that Arkansas is part of a larger economic system where specialization occurs - other regions or countries may specialize in truck manufacturing, which can lead to economic efficiencies and cost savings when trading goods and services.
Overall, this demonstrates the interdependence of Arkansas with other economies, both within the United States and globally, as they engage in trade to access resources and products that are not readily available or produced within the state.
34 answers