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MNB1501 ASSIGNMENT 1 SEMESTER 1 POSSIBLE SOLUTIONS
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MNB1501 ASSIGNMENT 1 SEMESTER 1 POSSIBLE SOLUTIONS. MNB1501 - Business Management IA The fundamental economic problem society is confronted with involves _. 1. ensuring they get what they want 2. choosing how it will use its scarce resources to the maximum effect in order to satisfy its needs ...

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  • June 28, 2022
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  • 2021/2022
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MNB1501 ASSIGNMENT 1
SEMESTER 1 POSSIBLE
SOLUTIONS

, This assignment covers chapters 1 to 4 of the prescribed book. We recommend submitting your
assignment online on myUnisa. You may also use a mark-reading sheet to answer and submit the
assignment.


This assignment consists of 20 multiple-choice questions.


Note: You must submit this assignment in order to obtain entrance to the examination!


STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT QUESTION 1
The fundamental economic problem society is confronted with involves _.


1. ensuring they get what they want
2. choosing how it will use its scarce resources to the maximum effect in order to satisfy its needs
3. ensuring the lowest possible satisfaction of needs with these scarce resources (Refer to
Section 1.3.3 in the textbook)
4. making as much profit as possible regardless of the needs of society


QUESTION 2


After an alien invasion, Earth has to resort to the extreme protection of its resources in order to survive. A
global government is elected with the mandate to control all the resources, which remain to humanity. The
global government serves as a centrally directed economic system and has assumed complete responsibility
for producing and distributing products and services. Which one of the following best describes the main
economic system used in this new world order?


1. The market economy
2. The command economy
3. Free-market economy
4. Mixed economies (Refer to Section 1.4.5 in the textbook)




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