Indicate whether each of the following statements is True or False. In each case, give a brief explanation for your choice. If there is no explanation, then NO mark will be awarded for that answer. Q.1.1 Technology is always treated as a factor of production in economic theory. (2) Q.1.2 An important aspect of using money in an economy is that the process of exchange, can take place without worrying about there being a double coincidence of wants. (2) Q.1.3 It is common knowledge that debit cards and cheques are perfect substitutes for money.
Indicate whether each of the following statements is True or False. In each case, give a brief explanation for your choice. If there is no explanation, then NO mark will be awarded for that answer.
Q.1.1
Technology is always treated as a factor of production in economic theory.
(2)
Q.1.2
An important aspect of using money in an economy is that the process of exchange, can take place without worrying about there being a double coincidence of wants.
(2)
Q.1.3
It is common knowledge that debit cards and cheques are perfect substitutes for money.
(2)
Q.1.4
Free market economies are generally considered to be efficient and fair.
(2)
Q.1.5
The term economic rent refers to the returns received by government when people use government land.
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