Answer Happy

Question 1 (4 marks) "Poland broke the shackles of Soviet communist domination three decades ago. Free for the first time since World War II, Poland cast off its yoke of government control and central planning in favour of an American-style free enterprise system where consumers, not elected officials or bureaucrats, drive investment, production and buying decisions." Accessed: 14/10/21 The result to the Polish economy is that prices will determine... a. only the mix of output to be produced and the resources to be used in the production process. b. only the resources to be used in the production process and for whom the output is produced. c. the mix of output to be produced, the resources to be used in the production process, and for whom the output is produced. d. only for whom the output is produced and the mix of output to be produced. Question 2 (4 marks) "The four factors of production are needed in an efficient market to provide goods and services at an affordable price at the right time, place and mix,"... "Missing the calibration of these factors can be disastrous for the supplier and consumer." The supplier may face higher costs of production, forcing them to charge a higher price to the consumer or risk going out of business. Accessed: 14/10/21 With regard to factors of production, which of the following statements is NOT true? a. Factors of production are also known as resources. b. In order to produce any good or a service, it is necessary to have factors of production. c. Factors of production include land, labour, capital, and entrepreneurship. d. Only those resources that are privately owned are counted as factors of production.