1.
How are capital resources used in production?
(1 point)

Unselected answer (0 pts) They allow producers better access to world markets.
Unselected answer (0 pts) They make it possible to employ more skilled laborers.
Correct answer (1 pt) They provide tools that make production more efficient.
Unselected answer (0 pts) They purchase the raw materials needed for production.

1 /1 point
2.
Which phrase best defines scarcity?
(1 point)

Unselected answer (0 pts) a state in which productive resources are not enough to create a given good or service
Unselected answer (1 pt) a state in which human wants are greater than the resources available to fill those wants
Unselected answer (0 pts) a state in which too few choices exist for a consumer to fulfill needs and wants
Incorrect Answer (0 pts) a state in which the opportunity costs of a given choice are less than the benefits of a given choice

0 /1 point
3.
Which of the following is one of the three basic economic questions?
(1 point)

Unselected answer (1 pt) For whom to produce?
Unselected answer (0 pts) How many units to produce?
Incorrect Answer (0 pts) Which resources to use to produce?
Unselected answer (0 pts) Which types of production are most important?

0 /1 point
4.
A baker in Arkansas wants to sell expensive cakes. She has already determined the tools and resources she will need to produce them. Which of the following best answers the third basic economic question for her business?
(1 point)

Unselected answer (0 pts) Her bakery would be located in an affordable area of Arkansas.
Unselected answer (1 pt) She would sell cakes to local residents with high incomes.
Incorrect Answer (0 pts) Her product line would also include cupcakes and pastries.
Unselected answer (0 pts) She would obtain flour and sugar from local manufacturers.

0 /1 point
5.
How does free trade affect the United States? Select all that apply.
(2 points)

Unselected answer (1 pt) lower prices
Incorrect Answer (0 pts) decreased wages
Unselected answer (0 pts) higher farm profits
Unselected answer (0 pts) less variety in businesses
Incorrect Answer (0 pts) more low-skill jobs
Unselected answer (1 pt) increased consumer choice

0 /2 points
6.
Which of the following are one of Arkansas’s main exports?
(1 point)

Unselected answer (1 pt) personal airplanes
Unselected answer (0 pts) home gym equipment
Incorrect Answer (0 pts) clothing
Unselected answer (0 pts) automobiles

0 /1 point
7.
Which of these would most likely be a feature of a free trade agreement?
(1 point)

Correct answer (1 pt) removing tariffs from imported goods
Unselected answer (0 pts) raising taxes on exported goods
Unselected answer (0 pts) making it illegal to hire workers in other countries
Unselected answer (0 pts) providing money directly to local manufacturers

1 /1 point
8.
How does division of labor affect the final product?
(1 point)

Unselected answer (0 pts) lower price, lower quality
Unselected answer (1 pt) lower price, higher quality
Unselected answer (0 pts) higher price, lower quality
Unselected answer (0 pts) higher price, higher quality

and just ignore the uncollected answer stuff and yea just plz help

1) Capital resources are those goods produced such as plant and machinery, tools, equipments buildings that are used to aid the production of other goods and services.

2) Scarcity is a state in which human wants are greater than the resources available at our disposal to fill those wants.

3)What to produce, for whom to produce and how to produce with available resources.

4) She would obtain flour and sugar from local manufacturers.

5) increased consumer choice, lower prices.

7) removing tariffs from imported goods.

8)lower price, higher quality

Explanation: