Which statement is true regarding resources?

Scarcity a situation where resources are lacking.

Which of the following questions can economic study not answer about agriculture?

At what time of day should corn be planted?

Why is the differentiation between wants and needs so challenging?

People get more, they want more, so they think they need it.

How do economists study macroeconomics within agriculture?

The impact of interest rates & inflation on land value.

How do the studies of macroeconomics and microeconomics differ?

Micro small scale, macro broader concepts.

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AB - The Basics of Economics

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Questions 15

Answers

1
The bread that is sold to grocery stores from the manufacturing facility.
Output
Process
By Product
Input
2
The interactions of individuals and firms in a single market.
resource scarcity
microeconomics
macroeconomics
budgeting
3
The fertilizer a farmer uses to help grow his corn would be considered a/an __________.
Output
By Product
Process
Input
4
Branch of economics studies firms and the individuals that compose them within a single market?
Microeconomics
Macroeconomics
Popular economics
Quantum economics
5
Which statement is true regarding resources?
Scarcity a situation where resources are lacking.
Free resources are those that are limited.
People are limited by resources they can acquire bc of need.
All resources are scarce.
6
When talking about agricultural economics, one usually means _____.
microeconomics
macroeconomics
supply-side economics
supply-chain management
7
Which of the following questions can economic study not answer about agriculture?
At what time of day should corn be planted?
What should be produced for consumption in a given year?
Where will the crops be sold to maximize profit?
How much of each crop should be planted each year?
8
The sawdust sold to livestock owners from a sawmill that produces pallets.
Process
Input
Output
By Product
9
Why is the differentiation between wants and needs so challenging?
Wants are always changing, but needs stay the same.
No solid definition has been provided for wants or needs.
People get more, they want more, so they think they need it.
Needs are always changing, but wants stay the same.
10
The planting of crops by a farmer would be considered the __________.
Input
Output
Process
By Product
11
How do economists study macroeconomics within agriculture?
They study how crops fare in different regions
Study how things like weather impact production of crops.
The impact of interest rates & inflation on land value.
They study the flow of capital between buyers and sellers
12
What is the study of the economy as a whole?
microeconomics
resource scarcity
macroeconomics
GNP
13
_________ are activities provided to consumers for a fee.
Final products
Services
Necessities
Commodities
14
What are the goods produced to meet the needs of consumers?
wants
needs
products
services
15
How do the studies of macroeconomics and microeconomics differ?
Micro small scale, macro broader concepts.
Macro small scale, micro broader concepts.
Microeconomics focuses on GDP &macroeconomics looks at GNP.

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