This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.
ScanSolve AI Answer
Step 1: Analyze Question 1. The question asks for the term that refers to skills, training, education, knowledge, technical know-how, and competence contributed by humans to a business. These attributes collectively constitute human capital. The process of acquiring and improving these attributes is Human Capital Development. The correct answer is B. Human Capital Development. Step 2: Analyze Question 2. The question asks for the characteristic that is not a characteristic of human capital. • A. Perishable goods: While skills can become obsolete, human capital is not a physical "good" that perishes in the traditional sense. • B. Mobile: Human capital is mobile as people can move. • C. High qualities of machine: This refers to physical capital (machines), not human capital. • D. Skillful: This is a direct characteristic of human capital. Therefore, "High qualities of machine" is the characteristic that does not apply to human capital. The correct answer is C. High qualities of machine. Step 3: Analyze Question 3. The question asks for another name for the labour market in Economics. The labour market is where workers offer their services and employers seek workers, commonly known as the Job Market. The correct answer is B. Job Market. Step 4: Analyze Question 4. The question asks for the full meaning of NEEDS as a reform program. NEEDS stands for National Economic Empowerment and Development Strategy. The correct answer is B. National Economic Empowerment and Development Strategies. Step 5: Analyze Question 5. The question states that the capital market is categorized into secondary and another type of market. Financial markets are broadly divided into the capital market (for long-term funds) and the money market (for short-term funds). Within the capital market itself, there are primary and secondary markets. Given the options, "Money market" is the most appropriate category to contrast with the capital market. The correct answer is D. Money. Step 6: Analyze Question 6. The question asks for the location of the headquarters of the Organization of the Petroleum Exporting Countries (OPEC). OPEC's headquarters is located in Vienna, Austria. The correct answer is A. Austria. Step 7: Analyze Question 7. The question asks for the factor that does not affect human capital. • A. Education: Directly enhances human capital. • B. Competence: A measure and outcome of human capital. • C. Transportation: While important for accessing opportunities, it is not a direct factor that constitutes or improves human capital itself. • D. Experience: Directly enhances human capital. Therefore, transportation is the exception. The correct answer is C. Transportation. Step 8: Analyze Question 8. The question asks for the statement that is not an objective of economic planning. • A. To increase the level of employment: A common objective of economic planning. • B. To reduce foreign control of foreign economy: A common objective, especially for developing nations. • C. To develop efficient technology: A common objective for economic growth and competitiveness. • D. To maintain human resources manager: This is an operational task within an organization, not a broad objective of national economic planning. Therefore, "To maintain human resources manager" is the exception. The correct answer is D. To maintain human resources manager. Step 9: Analyze Question 9. The question asks for the full meaning of E.E.C. EEC stands for the European Economic Community. The correct answer is B. European Economic Community. Step 10: Analyze Question 10. The question asks for one of the objectives of ECOWAS (Economic Community of West African States). ECOWAS aims to promote economic integration and cooperation among its member states, which includes improving living standards and reducing poverty. • A. Poverty reduction from member state or nation: This is a key objective of ECOWAS. • B. Political instability: This is a challenge, not an objective. • C. Misplacement of Priorities: This is a problem, not an objective. • D. Rapid population growth: This is a demographic trend, not an objective. The correct answer is A. Poverty reduction from member state or nation.