Podcast
Questions and Answers
Which of the following is NOT considered a factor of production?
Which of the following is NOT considered a factor of production?
- Labour
- Entrepreneurship (correct)
- Land
- Capital
Which of the following best defines goods?
Which of the following best defines goods?
- Physical objects that can be touched (correct)
- Taking risks in setting up or running a firm
- Resources used to produce goods and services
- Actions or activities performed for another person
Which of the following best defines services?
Which of the following best defines services?
- Taking risks in setting up or running a firm
- Physical objects that can be touched
- Actions or activities performed for another person (correct)
- Resources used to produce goods and services
Which factor of production involves the human input into the production process?
Which factor of production involves the human input into the production process?
Which factor of production includes natural resources?
Which factor of production includes natural resources?
Which factor of production involves tools, buildings, machines, and computers?
Which factor of production involves tools, buildings, machines, and computers?
Which factor of production involves taking risks in setting up or running a firm?
Which factor of production involves taking risks in setting up or running a firm?
Which of the following is NOT a type of factor of production?
Which of the following is NOT a type of factor of production?
Which one of the following is NOT considered a factor of production for producing a motor car?
Which one of the following is NOT considered a factor of production for producing a motor car?
Which one of the following is the correct factor income for labor?
Which one of the following is the correct factor income for labor?
In a market economic system, who owns the factors of production?
In a market economic system, who owns the factors of production?
What is the reward for selling land as a factor of production?
What is the reward for selling land as a factor of production?
Which one of the following is NOT a factor of production mentioned in the text?
Which one of the following is NOT a factor of production mentioned in the text?
What do firms purchase from households in factor markets?
What do firms purchase from households in factor markets?
What is the factor income for entrepreneurship?
What is the factor income for entrepreneurship?
In a market economic system, what are the factors of production privately owned by?
In a market economic system, what are the factors of production privately owned by?
What does an entrepreneur aim to generate by deciding on the combination of factors of production?
What does an entrepreneur aim to generate by deciding on the combination of factors of production?
