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Economic Principles Quiz
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Economic Principles Quiz

Created by
@LovingCyan

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Questions and Answers

What is an example of a decision producers have to make?

  • Whether to produce single use consumer goods or durable consumer goods (correct)
  • Whether to invest in stocks or bonds
  • Whether to expand internationally or focus on local markets
  • Whether to outsource production or keep it in-house

    • What are the central problems of the economy?

  • How to expand the consumer base
  • How to reduce production costs
  • What to produce and how much to produce (correct)
  • How to market products effectively

    • What does 'how to produce' refer to?

  • How to negotiate with suppliers for better prices
  • How to advertise products effectively
  • How to allocate resources and choose the right technique of production (correct)
  • How to manage human resources within the organization

    • What is the labor-intensive technique of production?

    <p>Using more labor and less machines</p> Signup and view all the answers

    What is the capital-intensive technique of production?

    <p>Using more machines and less labor</p> Signup and view all the answers

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