A1: Choose the correct answer alternatives for the following questions

Question

Which factor of production does a factory bic labout resent? A Copital B. enterprise C. labour D. land
What is likely to solve the problem of "what to produce’ in a planned economy? A. consumers and government C. government directives B. demand and supply D. profit motive
Which statement about the economic problem is correct? A. Consistent rising productivity will increase output and solve the limited resources. B. Govemment printing of money will allow people to meet their unlimited needs. C. Human nature will never be satisfied even with the best use of resources. D. Technological advancement will introduce products that will satisfy all human needs
Which type of good has no opportunity cost involved? A. a free good B. a merit good C. a public good D. an economic good
Labour can be bought and sold in the __ market. A. goods B. factor C. financial D. consumer Part II: Fill in the blank spaces with appropriate terms
The process of waste material into economic goods is called __
__ of reasoning which enable one to reach at particular conclusion from general assumption.
Measures taken to ensure that non-renewable resources are not threatened by extinction are known as __
Macro economics ics approaches the study of economics from the viewpoint of __
The introduction of substances into the atmosphere is called __ pollution.
Answer
A1: Choose the correct answer alternatives for the following questions
C. labour
C. government directives
C. Human nature will never be satisfied even with the best use of resources.
A. a free good
B. factor
Part II: Fill in the blank spaces with appropriate terms
The process of waste material into economic goods is called recycling.
Deductive reasoning which enables one to reach a particular conclusion from general assumptions.
Measures taken to ensure that non-renewable resources are not threatened by extinction are known as conservation.
Macroeconomics approaches the study of economics from the viewpoint of the economy as a whole.
The introduction of substances into the atmosphere is called air pollution.

Answer 1

Here are the answers based on your questions:

Part I: Choose the correct answer alternatives for the following questions

1. Which factor of production does a factory represent?
   • C. labour
2. What is likely to solve the problem of "what to produce" in a planned economy?
   • C. government directives
3. Which statement about the economic problem is correct?
   • C. Human nature will never be satisfied even with the best use of resources.
4. Which type of good has no opportunity cost involved?
   • A. a free good
5. Labour can be bought and sold in the __ market.
   • B. factor

Part II: Fill in the blank spaces with appropriate terms

1. The process of converting waste material into economic goods is called recycling.
2. Deductive reasoning enables one to reach a particular conclusion from general assumptions.
3. Measures taken to ensure that non-renewable resources are not threatened by extinction are known as conservation.
4. Macroeconomics approaches the study of economics from the viewpoint of the economy as a whole.
5. The introduction of substances into the atmosphere is called air pollution.