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ECS1601-25-Y
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Which of the following statements is/are correct in explaining the difference between production and income?
a) Income is the remuneration that the factors of production receive for being part of the production process.
b) Production is when business combines factors of production in planned activity to bring about goods and services to satisfy the needs and wants of society.
c) Production is when a firm combines factors of production in planned activity to bring about goods that only satisfy society’s wants.
d) Income is the reward that the factors of production receive for not taking part in the production process.Of the $8.5 billion pledged to help finance South Africa’s just energy transition, what percentage of this pledged funds will be received by Saretec? (assume: €1 = $1.20)
(Answer hint: Type in numbers only, without spaces in between. Round off to two decimals. E.g., 0.59%)
Assume that the full-employment income level is higher than the equilibrium income level. Full employment can be reached if
a)exports increase.
b)imports decrease.c)the tax rate decreases.