How does scarcity affect producers? (1 point) Responses Limited costs prevent producers from hiking prices. Limited costs prevent producers from hiking prices. Limited demand prevents producers from offering low prices. Limited demand prevents producers from offering low prices. Limited time prevents producers from finding the best employees. Limited time prevents producers from finding the best employees. Limited resources prevent producers from making unlimited products.
Limited resources prevent producers from making unlimited products.
Which statement best explains the relationship between economic wants and needs? (1 point) Responses People do not need to fulfill either their needs or their wants to survive. People do not need to fulfill either their needs or their wants to survive. People must fulfill their wants to survive, but they do not need to fulfill their needs to survive. People must fulfill their wants to survive, but they do not need to fulfill their needs to survive. People must fulfill their needs to survive, but they do not need to fulfill their wants to survive. People must fulfill their needs to survive, but they do not need to fulfill their wants to survive. People must fulfill both their needs and their wants to survive.
People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
Which of these states a basic economic question? (1 point) Responses What job is the best? What job is the best? How much should this good cost? How much should this good cost? What goods should be produced? What goods should be produced? Why should people learn about economics
What goods should be produced?
Why does scarcity cause people to make economic choices? (1 point) Responses Consumers do not have a good understanding of products they purchase. Consumers do not have a good understanding of products they purchase. Goods and services remain affordable to everyone in society. Goods and services remain affordable to everyone in society. People have the option to buy any good or service they want. People have the option to buy any good or service they want. Resources are limited, while the desire for resources is endless.
Resources are limited, while the desire for resources is endless.
What is a tariff? (1 point) Responses a tax on exports a tax on exports a tax on imports a tax on imports a bonus to producers a bonus to producers a rebate for consumers
A tax on imports
Use the passage to answer the question. Which characteristic of entrepreneurs is the question testing? (1 point) Responses self-correction self-correction endurance endurance patience patience self-motivation
