Customers cannot purchase every product. How does this fact affect companies that make products?
(1 point)
Responses
They increase costs to make up for low sales.
They increase costs to make up for low sales.
They decrease quality to make up for low sales.
They decrease quality to make up for low sales.
They provide better value so that customers choose their products.
They provide better value so that customers choose their products.
They provide fewer options so that customers choose their products
They focus on marketing and advertising to increase sales of their products.
so Which one
They provide better value so that customers choose their products.
Which of the following is a cost of production? Select all that apply.
(1 point)
Responses
improving processes
improving processes
buying raw materials
buying raw materials
spending time working
spending time working
paying property taxes
paying property taxes
choosing the best products
choosing the best products
2
buying raw materials
paying property taxes
Three Basic Economics Questions
What to produce?
How to produce it?
??
Question
What is the third Basic Economics Question?
(1 point)
Responses
How much to produce?
How much to produce?
For whom to produce?
For whom to produce?
Where to produce?
Where to produce?
What natural resources are used to produce?
What natural resources are used to produce?
For whom to produce?
Question
Which of the following economic actions demonstrates a negative incentive?
(1 point)
Responses
An employee is fired.
An employee is fired.
An item is put on sale.
An item is put on sale.
The costs of production decrease.
The costs of production decrease.
The board of a company invests more.
An employee is fired.
Which government action would interfere with free trade?
(1 point)
Responses
increasing taxes on domestic producers
increasing taxes on domestic producers
charging duty taxes on foreign goods
charging duty taxes on foreign goods
adding a value-added tax to consumer goods
adding a value-added tax to consumer goods
giving contracts to factories in other countries