Based on the information you provided, here are responses to the points related to economics:
-
Which factor of production does a factory building represent?
- A) Capital
-
Which statement about the economic problem is correct? What is likely to solve the problem of what to produce in a planned economy?
- B) demand and supply (In a planned economy, the government typically makes decisions on what to produce rather than the forces of demand and supply; however, this might depend on the context.
-
Which type of good has no opportunity cost involved?
- A) a free good
-
Labour can be bought and sold in the ... market.
- A) factor
-
The process of converting waste material into economic goods is called
- recycling.
-
Measures taken to ensure that non-renewable resources are not threatened by extinction are known as
- conservation.
-
Macro economics approaches the study of economics from the viewpoint of the economy as a whole.
- This statement is correct.
-
The introduction of harmful substances into the atmosphere is called
- pollution.
-
A person decides to go to study at the university for 6 years. If he had not gone, he could have taken up a job which would have paid him birr 3000 a month. What is his opportunity cost of going to the university?
- Opportunity cost = (Earnings from the job he could have taken) = (3000 birr/month) * (12 months/year) * (6 years) = 3000 * 12 * 6 = 216,000 birr.
-
The production possibilities schedule of the two goods, X and Y:
- Based on the figures you provided:
- Good X: 200, 180, 140, 90
- Good Y: 0, 20, 40, 60
This typically shows the trade-off between producing Good X and Good Y, illustrating the concept of opportunity costs in production. The more of Good X is produced, the less of Good Y can be produced, reflecting the trade-offs in resource allocation.
If you need further clarification or specific explanations about any point, feel free to ask!
1 answer