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
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