High School Economics Quiz: The Three Basic Economic Questions

📚 Quick Study Guide

• 🌍 What to Produce?: This question focuses on the types and quantities of goods and services an economy should produce. Should we prioritize agriculture, manufacturing, or services? 🤔
• ⚙️ How to Produce?: This addresses the methods of production. Should we use labor-intensive or capital-intensive techniques? What resources should be used? 🏭
• 🤝 For Whom to Produce?: This deals with the distribution of goods and services. How should the output be divided among the population? Who gets what, and how much? 💸
• 💡 Economic Systems: Different economic systems (market, command, mixed) answer these questions differently. 🏛️
• 📈 Efficiency and Equity: These three questions often involve trade-offs between efficiency (maximizing output) and equity (fair distribution).⚖️

Practice Quiz

1. What fundamental economic question deals with the distribution of goods and services in an economy?
   1. What to Produce?
   2. How to Produce?
   3. For Whom to Produce?
   4. When to Produce?
2. Which economic question concerns the methods and resources used in the production process?
   1. What to Produce?
   2. How to Produce?
   3. For Whom to Produce?
   4. Where to Produce?
3. The decision to focus on manufacturing over agriculture primarily addresses which economic question?
   1. What to Produce?
   2. How to Produce?
   3. For Whom to Produce?
   4. Why to Produce?
4. Which economic system primarily answers the three basic economic questions through centralized planning?
   1. Market Economy
   2. Command Economy
   3. Mixed Economy
   4. Traditional Economy
5. Using more machines and fewer workers in production relates to which economic question?
   1. What to Produce?
   2. How to Produce?
   3. For Whom to Produce?
   4. When to Produce?
6. A society deciding to distribute goods equally among all citizens is primarily addressing which economic question?
   1. What to Produce?
   2. How to Produce?
   3. For Whom to Produce?
   4. Where to Produce?
7. Which of the following is NOT one of the three basic economic questions?
   1. What to Produce?
   2. How to Produce?
   3. For Whom to Produce?
   4. Why to Produce?