The Factors of Production Quiz
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Questions and Answers

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

  • Labour
  • Entrepreneurship (correct)
  • Land
  • Capital

    • 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?

  • 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?

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

    Which factor of production includes natural resources?

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

    Which factor of production involves tools, buildings, machines, and computers?

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

    Which factor of production involves taking risks in setting up or running a firm?

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

    Which of the following is NOT a type of factor of production?

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

    Which one of the following is NOT considered a factor of production for producing a motor car?

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

    Which one of the following is the correct factor income for labor?

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

    In a market economic system, who owns the factors of production?

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

    What is the reward for selling land as a factor of production?

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

    Which one of the following is NOT a factor of production mentioned in the text?

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

    What do firms purchase from households in factor markets?

    <p>Land, labor, &amp; capital</p> Signup and view all the answers

    What is the factor income for entrepreneurship?

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

    In a market economic system, what are the factors of production privately owned by?

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

    What does an entrepreneur aim to generate by deciding on the combination of factors of production?

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

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