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Business Production Factors Quiz

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Questions and Answers

What does labor productivity measure?

The total product quantity divided by the number of machines used.

The total product quantity divided by the number of workers and hours worked. (correct)

The cost associated with employee salaries.

The total production value of the company.

Which of the following is NOT considered a production factor?

Labor

Marketing Strategy (correct)

Land

Capital

How is machine productivity calculated?

Total product quantity divided by the total cost of machines.

Number of machines multiplied by the total production value.

Product quantity divided by the number of machines and hours worked per machine. (correct)

Total production value divided by the number of workers.

What is the cost associated with entrepreneurship and innovation?

Costs related to R&D projects. Signup and view all the answers

Which option best describes capital as a production factor?

Physical assets like machines and computers needed for production. Signup and view all the answers

What does the productivity rate between two periods measure?

The changes in global productivity over time Signup and view all the answers

Which statement accurately describes 'effectiveness' in production?

Reaching goals while minimizing costs Signup and view all the answers

In the short term, which factors of production cannot be increased?

Fixed production factors Signup and view all the answers

What is the main purpose of the procurement stage in the production process?

Acquire and store raw materials and services Signup and view all the answers

How are variable costs characterized in the context of production factors?

They depend on production levels and can change Signup and view all the answers