Question

(b) freedom of choise (4 a coincidence df wants 10. In what way does human an econamy's outpu? haracteristics of the market (b) It serves as corsumer soverignt. () t acts an invisble hand. ) market restraints on treedom economy (D having a canverient means of exchanging goods govermment aruate a plan for the economy degiking who wil get the goods and servioes in an dom of enterprise means that co-dest othe rale of govemmont io beat y goods and services that ) sigilicant 3. Which would necessurtly rei, sooner or later, from drase in consumer demand for a product? the daiving force a dectease in the prollis of firms in the industry b) an increaoe in the ouput of the industry (a an inorease in the supply of the product (4) an Inorease ih tho prices of resources employed g of by the tris in the Indusitry express sel-interest? omio losses increaped when the price of resources falls ) most Inlkenced by the stzo of gavenment in a omic prolits ce for a product he highest wages and (derived from the demand for the products maide with the Tesources (4) decreased when the product that the resources produce becomes popular Answer Qunstions 15, 16, and 17 an the basis of the olowing Iniormation af economic power in product markels into and endlt from Indus Suppose 50 unis of praduct X can be produced by mploying just labor and ciaplital according to the four tech- niques (A, B, C, and D) shoum below. Assume the prices to salisly -of labor and capilial aro $5 and S4, respecively. omy primarly relies on hod of 5. Which technique is economically most eflicient in pro- central planning ducing product X? but not division of labar c

Answer 1

Answer 9

a. division of labor

The division of work is the partition of undertakings in any framework with the goal that members may practice. People, associations, and countries are blessed with or obtain specific abilities and either frame blends or exchange to exploit the capacities of others notwithstanding their own.

Answer 10

it fosters learning by doing

Specialization makes use of differences in abilities. Therefore rest of the options are not correct

Answer 11

having a convenient means of exchange goods

Prerequisite of specialization specially deals with exchange of commodity and not planning or freedom

Answer 12

limited

A market economy is a framework in which the free market activity for products and ventures assumes an essential job in an aggressive commercial center. ... The administration may likewise guarantee national security by not enabling organizations to execute with foe nations and giving administrations that are not normally taken care of by private business.

Answer 14

derived from the demand for the products made with the resources

derived demand

Asset demand is a derived demand. The demand for an asset is derived from the demand for the items that the asset produces.