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Questions and Answers

Which of the following is NOT considered a factor of production in economics?

  • Land
  • Labor
  • Money (correct)
  • Capital

    • What is the difference between producer goods and consumer goods?

  • Producer goods are used to produce other goods and services, while consumer goods are purchased by consumers for their own use. (correct)
  • Producer goods are used to produce other goods and services, while consumer goods are used in the production process.
  • Producer goods and consumer goods are the same thing.
  • Producer goods are purchased by consumers for their own use, while consumer goods are used to produce other goods and services.

    • What is the main focus of economics?

  • The study of how human beings make decisions in a world with limited resources. (correct)
  • The study of how to maximize profits for businesses.
  • The study of how to create more jobs for the unemployed.
  • The study of how to increase government revenue through taxes.

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