2.02 Quiz Prioritizing Econ Goals

A country decides to produce wool. Which of the following key economic questions does this decision address?

• What should be produced?

• How should it be produced?

• Who will be the consumers?

• Who will market the products?

Which economic goal correlates with the explanation "the ability of people to make choices"?

• equity

• innovation

• efficiency

• freedom

Which economic goal correlates with the explanation "decisions about how much workers should receive in income"?

• security

• equity

• efficiency

• innovation

What is the main reason countries must carefully decide how they will produce the items they need?

• Taxes must be paid to the United Nations.

• Workers must be paid fairly.

• Resources are scarce.

• Unions will riot.

The location of resources around the world greatly influences which of the following?

• The prices of those resources that are exported to other countries.

• The prices of products that are made from those resources that are located in limited areas around the world.

• The types of products that some countries can produce.

• all of the above