Economics and Factors of Production Quiz
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Questions and Answers

What is economics primarily concerned with?

  • Artistic expression
  • Historical events
  • Religious practices
  • Allocation of resources (correct)

    • Which factor does economics study in relation to decision making?

  • Randomness
  • Scarcity (correct)
  • Abundance
  • Equality

    • What is the central concern of microeconomics?

  • Historical economic events
  • Global economic trends
  • Individual economic units (correct)
  • Social welfare programs

    • What are the factors of production that include human capital?

    <p>Land, labor, capital, entrepreneurship, and human capital</p> Signup and view all the answers

    Which of the following is a factor of production related to knowledge and skills of individuals?

    <p>Human capital</p> Signup and view all the answers

    Which factor is often overlooked as a crucial element in the production process?

    <p>Human capital</p> Signup and view all the answers

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