Land as a factor of production is made useful through the
Application of human effort
Acts of nature
Application of fertilizer
Use of machines
Correct answer is A
No explanation has been provided for this answer.
When the production possibility curve shifts outwards, the economy experiences
Growth
Over-production
Inefficient use of resources
Under-production
Correct answer is A
When the curve shifts outward, or to the right, that means output is increasing.
Which of the following is central to the definition of Economics?
Resources
Wants
Scarcity
Capital
Correct answer is C
Scarcity is one of the most important components of the definition of economics. It signifies the gap between limited resources and limitless wants.
Natural resources that are renewable are found in the
Mining sector
Traditional sector
Agricultural sector
Secondary sector
Correct answer is C
Renewable resources refer to those resources that can renew themselves in time. They include living resources like forests or non-living ones like wind, water, solar energy, and biomass which includes wood, sewage, and ethanol (which comes from corn or other plants).
Exploitation of forest resources becomes a major problem when
Communities fight over ownership
They are not renewed
They are neglected
The supply is fixed in the long-run
Correct answer is C
No explanation has been provided for this answer.
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