Production Relationships in Economics Chapter 2
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Questions and Answers

Which term refers to the efforts of human beings that include hired labor and family labor?

  • Labor (correct)
  • Management
  • Capital
  • Land

    • What is one property of land as a factor of production?

  • Infinite in supply
  • Modifiable
  • Destructible
  • Immobile (correct)

    • Which factor of production is sometimes made more productive through training?

  • Land
  • Management
  • Labor (correct)
  • Capital

    • What is the primary function of management in the production process?

    <p>Supervising and organizing production activities</p> Signup and view all the answers

    Which of the following is NOT considered a factor of production according to the text?

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

    What is the main difference between capital and money?

    <p>Capital is a productive resource, while money is not.</p> Signup and view all the answers

    Why should capital not be confused with wealth?

    <p>Not all wealth is necessarily productive.</p> Signup and view all the answers

    In economics, what distinguishes fixed factors of production from variable factors?

    <p>Fixed factors can be varied in the short run, whereas variable factors cannot.</p> Signup and view all the answers

    What does a production function describe?

    <p>The amount of output expected from different combinations of input.</p> Signup and view all the answers

    In what forms can production functions be expressed?

    <p>Tabular, graphic, and algebraic forms.</p> Signup and view all the answers

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