Which of the Following Is an Example of an Economic

question 109

Multiple Choice

Which of the following is an example of an economic trade-off that a firm has to make?

• A)whether it is cheaper to produce with more machines or with more workers
• B)deciding why consumers want its products
• C)whether or not consumers will buy its products
• D)deciding what profit margin it desires for its products

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Definitions:

Environmental Influences

Factors within the environment, such as social, physical, and cultural elements, that can affect an individual’s behavior, development, and well-being.

Genotype

The genetic makeup of an organism, consisting of both the genes visible in the traits and those that are latent.

Phenotype

The observable characteristics or traits of an organism that are produced by the interaction of its genotype with the environment.

Peripheral Nervous System

The network of nerves that lies outside the central nervous system, connecting it to limbs and organs.