-1. One reason air pollution exist is that a. b. c. d. air is not an economic go

Question

-1. One reason air pollution exist is that a. b. c. d. air is not an economic good. people treat air as if it were not scarce. air is not scarce. air is a valuable resource. -2. What is the most fundamental problem in economics? a. The four factors of production b. The three questions c. Scarcity d. Capital -3, when Taco Bell opens up a store in a new neighborhood, it is primarily deciding a. b. c. d. why to produce. when to produce. how to produce. for whom to produce. 4. The development and use of natural gas would be considered what type of resource? a. Land b. Labor c. Capital d. Entrepreneurship -5. An example of capital as a factor of production would be a. a pair of socks. b. lunch served in the cafeteria. an accountant's computer. c. d. iron ore. _6.U3 includes only a. b. c. d. the officially unemployed. discouraged workers. marginally attached workers. b and c.

Explanation / Answer

Ans)

1.
a. air is not an economic good
Air is not an economic good, it is rather a free good.Free goods do not require a concious effort to be obtained.Thus,they are liable to be misused.
2.
c. Scarcity
The three questions of What,How and for whom to produce form the questions on scarcity and hence are the fundamentals of eocnomics.
3.
d. For whom to produce
It is in essence adressing the question for whom it wants to produce by opening up a store at a specific place.
4.
a. Land
The natural resources such as Land are considered as the factor of production under Land.

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