Question: 1. In Venezuela, the president confiscates land from owners and then gives the land to whom he wants. How would you describe Venezuela's private property rights? (100- 150words)
2. Sub-Saharan Africa includes some of the poorest nations in the world. What would you say is the problem with these nations? (100-150words)
3. When an economist talks of scarcity, the economist is referring to the
A) ability of society to employ all of its resources.
B) ability of society to consume all that it produces.
C) inability of society to satisfy all human wants because of limited resources.
D) ability of society to continually make technological breakthroughs and increase production.
4. Which of the following is NOT a factor of production?
A) the water used to cool a nuclear power plant.
B) the effort of farmers raising cattle.
C) the wages paid to workers.
D) the management skill of a small business owner.