Question 1 The three basic economic questions we learned in class Not yet answered Marked out of 1.00 Select one: O a. do not arise from scarcity. Flag question O b. involve both self-interest and social interest. c. involve self-interest only. O d. involve only social interest. Question 2 When a firm decides to produce more electric cars and fewer gasoline-powered cars, it is answering the Not yet answered question. Marked out of 1.00 Select one: Flag question O a. "how to produce" O b. "what to produce" O C. "for whom to produce" O d. "why to produce" Question 3 To meet increased demand for its good, a firm decides to hire a few high-skilled workers, rather than hire many Not yet answered low-skilled workers. The firm is answering the question. Marked out of 1.00 Select one: P Flag question O a. "how to produce' O b. "for whom to produce" O c. "what to produce" d. "why to produce" Question 4 To earn income, people sell the services of the factors of production they own. Land earns labour Not yet answered earns capital earns and entrepreneurship earns Marked out of 1.00 Select one: Flag question O a. rent; wages; interest; profit O b. profit; wages; rent; interest c. wages; interest, profit; rent O d. interest, profit; rent; wagesQuestion 5 The fact that an NBA player earns $10 million a year while a bus driver earns $50,000 annually is an example of Not yet answered an economy facing the question. Marked out of 1.00 Select one P Flag question O a. "how to produce" O b. "why to produce O c. "what to produce" O d. "for whom to produce" Question 6 Because of scarcity, the efficient use of resources is an important economic goal Not yet answered Select one: Marked out of 1.00 O a. only in market economies Flag question O b. all economies O c. only in command economies O d. only in traditional economies Question 7 The Canadian economy most closely approximates a Not yet answered Marked out of 1.00 Select one: P Flag question a. traditional mixed economy O b. modem mixed economy O C. market economy O d. command economy Question 8 a) What are the main i) advantages and in) disadvantages of command economy? Not yet answered b) What are the main i) advantages and i) disadvantages of market economy? Marked out of 3.00