AIEEE 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.

Federalism ::

Federalism is a system based upon democratic rules and institutions in which the power to govern is shared between national and provincial/state governments, creating what is often called a federation.

Federalism is a political concept in which a group of members are bound together with a governing representative head. 

Federalism enables the state and the national government to share power.

Cricket is the national game of Australia.

Multiplicative inverse is nothing but a reciprocal of a number. 

It is defined as one of a pair of numbers that when multiplied with another number equals the number 1.

Multiplicative inverse or reciprocal of 7 is 

7 x n = 1

=> n = 1/7.

Hence, Multiplicative inverse or reciprocal of 7 is  1/7.

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.