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Questions and Answers
What are the principal factors that give rise to commercial exchanges?
What are the principal factors that give rise to commercial exchanges?
- Uniform distribution of resources and lack of division of labour
- Homogeneous human needs and wants
- Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
- Low demand and high supply of goods and services
What does commerce consist of?
What does commerce consist of?
- Transportation and communication only
- Only domestic trade
- Import and export activities
- Trade and aids to trade along the entire supply chain (correct)
What is trade categorized into?
What is trade categorized into?
- Local trade and online marketplaces
- Retail trade only
- Inter-regional transactions only
- Domestic trade and foreign trade (correct)
What are aids to trade or auxiliary commercial activities?
What are aids to trade or auxiliary commercial activities?
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What does trade involve?
What does trade involve?
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What does microeconomics primarily analyze?
What does microeconomics primarily analyze?
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What is the main focus of macroeconomics?
What is the main focus of macroeconomics?
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What distinguishes positive economics from normative economics?
What distinguishes positive economics from normative economics?
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Where can economic analysis be applied throughout society?
Where can economic analysis be applied throughout society?
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In what ways is economics applied beyond traditional economic subjects?
In what ways is economics applied beyond traditional economic subjects?
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