28. There would be no economic problems in a world where all resources are: owne

Question

28. There would be no economic problems in a world where all resources are: owned by the government. privately owned. scarce. unlimited. 29. Which of the following is part of a planned economy? Consumers are free to decide what goods and services to purchase. Most of the productive resources are owned by the state. Private individuals and firms own most resources Product prices are primarily determined by the interaction of demand and supply. 30. "Production efficiency" is described as: one country having a lower opportunity cost of producing a good than another country. one country being able to produce more of a good than another country. the mix of goods and services produced being just what society desires. goods and services that are produced using the fewest resources possible.

Explanation / Answer

28.

There would be no economic problems in a world where all resources are unlimited as human wants are unlimited.

the correct option is (d)

29.

In a planned economy most of the productive resources are owned by the state.

the correct option is (b)

30.

Productive efficiency is described as the capacity to produce goods and services using the fewest resources possible.

the correct option is (c)

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