Introduction to Economics: The Nature of Economics and Economic Factors

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What are the main factors of production?

Raw materials, machinery, and technology

Land, labor, capital, and management (correct)

Natural resources, labor, capital, and entrepreneurship

Factories, workers, and transportation

Which of the following is NOT a way governments influence economic decisions?

Encouraging monopolistic practices (correct)

Setting minimum wage rates

Imposing taxes on undesirable goods

Providing tax rebates for certain economic activities

What is the main reward for natural resources in the production process?

Wages

Interest

Profits

Rent (correct)

Which of the following is NOT a type of labor?

Machinery Signup and view all the answers

What is the main concept behind the law of demand?

As price increases, demand decreases Signup and view all the answers

Which of the following is NOT a factor that affects the supply of a product?

Consumer preferences Signup and view all the answers

What is the role of entrepreneurs in an economy?

To organize and manage the other factors of production Signup and view all the answers

Which of the following is an example of a market failure?

All of the above Signup and view all the answers

What is the primary role of markets in an economy?

To determine the allocation of resources Signup and view all the answers

Which of the following is NOT a way governments can influence economic decisions?

Setting interest rates Signup and view all the answers

Introduction to Economics: The Nature of Economics and Economic Factors

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Questions and Answers

What are the main factors of production?

Which of the following is NOT a way governments influence economic decisions?

What is the main reward for natural resources in the production process?

Which of the following is NOT a type of labor?

What is the main concept behind the law of demand?

Which of the following is NOT a factor that affects the supply of a product?

What is the role of entrepreneurs in an economy?

Which of the following is an example of a market failure?

What is the primary role of markets in an economy?

Which of the following is NOT a way governments can influence economic decisions?

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