7. Things that are needed to produce goods and services are called a. Efficient

Question

7. Things that are needed to produce goods and services are called a. Efficient use of resources b. Private property c. Factors of production d. An economic system 8. Three basic types of economic systems are Natural resources, labor, capital Government, business, consumers A centrally planned economy Free enterprise a. b. c. d. 9. Match Consequence of non-compliance with WTO ruies. Any impediment to trade other than a tariff a. Indirect trade barrier b. Member nations agree to trade a certain way and meet periodically to reduce tariff and non-taribarriers to trade Direct trade barrier c. Dispute settlement will authorize the sanction of withdrawal or suspension of a concession Multilateral Trade Negotiations d. A barrier that seems perfectly neutral and not targeted at keeping out a particular good from a specific e. Specifically Semits imports of goods or Non-tariff trade barrier services 10. True-False One of the reasons for BRDIT is that the UK sends 40% of its exports to the other Eu countries while other EU countries collectively only export 20% of their exports to the UK. T F Explain a.

Explanation / Answer

Q7. C

Factors of production are things needed to produce goods and services. For eg. land, labour, capital

Q8. C and D both are correct

An economic system is a system of production, resource allocation and distribution of goods and services within a society.

A centrally planned economy is command economy. Free enterprise means a market economy.

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