Question 1

What are the three key questions that every economic system must answer?

Accepted Answer

What to produce, how to produce it, who gets it

Answer

What to produce, how to produce for profit, who gets it for free

Answer

Who to produce for, where to produce, why produce

Answer

When to produce it, how to distribute it, who buys it

Question 2

What is the term used to describe a situation when a product is in great demand but in short supply?

Accepted Answer

Scarcity

Answer

Overabundance

Answer

Demand-supply equilibrium

Answer

Abundance

Question 3

What type of resources are considered in economics?

Accepted Answer

Land, Labour, Capital

Answer

Time, Money, Skills

Answer

Materials, Tools, Equipment

Answer

Knowledge, Energy, Infrastructure

Question 4

What term describes an economic system that includes both individualism and collectivism?

Accepted Answer

Mixed economy

Answer

Free market economy

Answer

Planned economy

Answer

Pure economy

Question 5

What are the key aspects of a free market economy?

Accepted Answer

Demand-driven production, profit-focused production, price-based distribution

Answer

Government-controlled production, fixed pricing, need-based distribution

Answer

Centralized production, profit-sharing, equal distribution

Answer

Regulated production, cost-focused production, government-controlled distribution

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