CAT Questions

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Economic resources are those goods and services that can be converted into valuable products for individual and business purposes.

There are four major types of economic resources:

1. land,

2. labor,

3. capital and

4. entrepreneurship.

Land and labor are natural and human resources, while capital means physical resources or money.

Entrepreneurship converts these resources into usable goods.

However, resources have finite values, and proper utilization depends on economic systems and economic decisions.

Cricket is the national game of Australia.

The National Association of Software and Services Companies (Nasscom) appointed Raman Roy (Managing Director of Quatrro Global Services) as its chairman for 2017-2018.

 Rishad Premji (Chief Strategy Officer (CSO), Wipro Limited) has been appointed Vice Chairman. Raman Roy has replaced Mr. CP Gurnani.

Brazil is one example of a closed economy in the given options. 

A closed economy is one that has no trade activity with outside economies. A closed economy is self-sufficient, which means no imports come into the country and no exports leave the country. A closed economy's intent is to provide domestic consumers with everything they need from within the country's borders.

Conduction is the movement of heat through a substance by the collision of molecules. It occurs when two object at different temperatures are in contact with each other. Heat flows from the warmer to the cooler object until they are both at the same temperature.