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Economic Resources and Capital Goods Quiz
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Economic Resources and Capital Goods Quiz

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Questions and Answers

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

  • Labor
  • Entrepreneurship (correct)
  • Land
  • Capital
  • Which factor of production refers to human effort provided in the creation of products and services?

  • Capital
  • Entrepreneurship
  • Labor (correct)
  • Land
  • What is considered an economic good?

  • Air from an air conditioner (correct)
  • Perfume
  • Sunlight
  • Fresh air
  • In economics, what do resources refer to?

    <p>Assets used to produce goods and services</p> Signup and view all the answers

    Which category of resources includes natural resources and raw materials?

    <p>Land</p> Signup and view all the answers

    What defines an economic good?

    <p>Goods that are useful but scarce</p> Signup and view all the answers

    What is a potential issue related to land as a factor of production?

    <p>Overcrowded spaces</p> Signup and view all the answers

    Which factor of production is affected by a mismatch of jobs?

    <p>Labor</p> Signup and view all the answers

    What could be a consequence of low quality equipment/machines as a factor of production?

    <p>Wastage of resources</p> Signup and view all the answers

    Which aspect is a characteristic of resources being partially replaceable in production?

    <p>Resources can be interchanged without affecting production</p> Signup and view all the answers

    What could be a challenge related to entrepreneurship in the production of goods and services?

    <p>Limited opportunity for growth</p> Signup and view all the answers

    In the context of production decisions, what does 'how to produce' primarily refer to?

    <p>Deciding on the methods and processes of production</p> Signup and view all the answers

    Which of the following is considered a natural resource?

    <p>Farmland</p> Signup and view all the answers

    What is the main characteristic of labor as a factor of production?

    <p>It involves mental and physical work done for income</p> Signup and view all the answers

    Which of the following best describes capital in the production process?

    <p>Manmade means of production like machinery and buildings</p> Signup and view all the answers

    What role does entrepreneurship play in the factors of production?

    <p>Develops an idea into a business</p> Signup and view all the answers

    Which term best defines the concept of resources scarcity?

    <p>Insufficient resources to supply all desires and needs</p> Signup and view all the answers

    Which of the following is an example of a capital good?

    <p>An industrial building</p> Signup and view all the answers

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