#1
Which of the following is considered a factor of production?
Land
ExplanationRefers to resources obtained from nature.
#2
Labor is classified as which factor of production?
Human Capital
ExplanationRepresents the skills and knowledge of workers.
#3
Which of the following is not a factor of production?
Money
ExplanationMoney is not a resource used in production.
#4
Which factor of production includes machinery and tools used in production?
Capital
ExplanationPhysical assets used in production.
#5
Which of the following factors of production is considered immobile?
Land
ExplanationLand is fixed and cannot be moved.
#6
Which factor of production refers to the skills and knowledge of workers?
Labor
ExplanationRefers to the physical and mental efforts of humans.
#7
Rent payments are associated with which factor of production?
Land
ExplanationRent is a payment for the use of land.
#8
What does the term 'capital' represent in the factors of production context?
Physical assets used in production
ExplanationCapital refers to machinery, tools, etc., used in production.
#9
Which factor of production encompasses the ability to combine resources to create new products or services?
Entrepreneurship
ExplanationInvolves the ability to innovate and create new ventures.
#10
Which factor of production includes the resources obtained from nature?
Land
ExplanationLand resources include natural elements.
#11
Which factor of production involves the risk-taking aspect of organizing resources?
Entrepreneurship
ExplanationInvolves innovation and risk-taking in business.
#12
Interest payments are associated with which factor of production?
Capital
ExplanationInterest is a cost associated with using capital.
#13
Which factor of production involves the organization and risk-taking aspect of business?
Entrepreneurship
ExplanationInvolves organizing and taking risks in business.
#14
Which factor of production encompasses the ability to innovate and take risks?
Entrepreneurship
ExplanationInvolves innovation and risk-taking in business ventures.
#15
Which of the following represents a characteristic of entrepreneurship in the context of factors of production?
It involves the organization and management of resources.
ExplanationEntrepreneurship involves organizing and managing resources.