Question

The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions.

		"for whom"
		"why"
		"when"
		"how"

Economics is best defined as

		how people make money and profits in the stock market.
		controlling a budget for a household.
		making choices with unlimited wants but facing a scarcity of resources.
		making choices from an unlimited supply of goods and services.

The "gifts of nature" are included as part of which factor of production?

		entrepreneurship
		capital
		land
		labor

Answer 1

Ans 1 a) for whom

ans 2 c) making choices with unlimited wants but facing a scarcity of resources

ans 3 c) land