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1、1Fillinthegap.Ina.........................economicdecisionsaremadepartlybyfreemarketforcesofsupplyanddemand,andpartlybygovernmentdecisions.ACommandeconomyBMixedeconomyCFreemarketeconomyDCentrallyplannedeconomy2Thebasiceconomicproblemfacingalleconomiesis:AMaximisingeconomi
2、cgrowthBUnemploymentCInflationDAllocatingscarceresources3Opportunitycostis:AThecostofproducingoneextraunitofthecommodityBThelowestaveragecostofthecommodityCThetotalcostofthecommodityDThelossofthenextbestalternative4Joisaself-employedcarpenterwhoworksinawarehousethatheowns
3、.Hebuysthewoodheneedstouse,andlastyearthiscosthim$20,000.IfJodidn'tworkinhiswarehousehecouldearnarentonitof$12,000peryear.Joboughtthewarehousewhenhestartedhisbusiness,butifhehadn'tinvestedhiscapitalinthebusinessitcouldnowbeearninghim$5,000ayearininterest.IfJowasn'tworking
4、forhimself,hecouldbeearning$40,000workingforalargecarpentrycompanyinaneighbouringtown.Basedontheinformationgiven,whatarethetotaleconomiccostsofJo'sbusiness,includingopportunitycosts?A$20,000B$60,000C$72,000D$77,0005Intheproductionpossibilitydiagrambelow,whatcombinationofX
5、andYcannotbeproducedgivencurrentlevelsofresources?6Whichoneofthefollowingwouldnotshiftacountry'sproductionpossibilityfrontieroutwards(furtherawayfromtheorigin)?AAnincreaseinexportsBTechnicalprogressreducingproductioncostsCAnincreaseintheworkingpopulationDAnimprovementinth
6、eliteracyrate7Whichofthefollowingwouldnotberegardedbyeconomistsasafactorofproduction?ALabourBEnterpriseCManagementDCapital8Whichofthefollowingislikelytoshifttheproductionpossibilitycurve(frontier)onwards(awayfromtheorigin):AAnincreaseinspecialisationBAnincreaseinthelabour
7、forceCAnincreaseinproductivityDAlloftheabove9Thesectoroftheeconomywhichconsistsofmanufacturingindustriesisthe:APrimarysectorBSecondarysectorCTertiarysectorDQuaternarysector10Therearefourmainfactorsofproduction,eachofwhichhasaneconomicreward.Whichoneofthefollowingstatement
8、saboutthefactorsofproductionisnotcorrect?ACapitalisrewardedwithinterestBEnterpriseisrewardedwith
