Introduction to Economics: The Nature of Economics and Economic Factors
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Questions and Answers

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?

    <p>Machinery</p> Signup and view all the answers

    What is the main concept behind the law of demand?

    <p>As price increases, demand decreases</p> Signup and view all the answers

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

    <p>Consumer preferences</p> Signup and view all the answers

    What is the role of entrepreneurs in an economy?

    <p>To organize and manage the other factors of production</p> Signup and view all the answers

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

    <p>All of the above</p> Signup and view all the answers

    What is the primary role of markets in an economy?

    <p>To determine the allocation of resources</p> Signup and view all the answers

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

    <p>Setting interest rates</p> Signup and view all the answers

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