Question

1 multiple choice 1 point which of the following is not one of the three core economic issues that must be resolved? how to produce the goods and services we select what to produce with unlimited resources who should get the goods and services we produce what to produce with limited resources 2 multiple choice 1 point the basic factors of production are land, labor, capital, and entrepreneurship. land, labor, money, and creativity land, labor, luck, and entrepreneurship land, labor, money, and hard work 3 multiple choice 1 point a consequence of the economic problem of scarcity is that the production of goods and services must be controlled by the government. the production possibilities curve is bowed outward. choices must be made about how resources are used. there is never too much of any good or service produced.

Explanation:

1. The three - core economic issues are what to produce (with limited resources), how to produce, and for whom to produce. Resources are limited in economics, so "what to produce with unlimited resources" is incorrect.
2. The basic factors of production are land, labor, capital, and entrepreneurship. Money is not a factor of production in the traditional sense; it is a medium of exchange.
3. Scarcity means that resources are limited, so choices must be made about how to use these resources. The production possibilities curve being bowed outward is due to increasing opportunity costs, and production is not always controlled by the government, and there can be over - production in some cases.

Answer:

1. B. what to produce with unlimited resources
2. A. land, labor, capital, and entrepreneurship.
3. C. choices must be made about how resources are used.