Which of the following are considered factors of production used to produce goods and services?
I. Land
II. Labor
III. Capital
IV. Entrepreneurship
A) I and II only
B) I and III only
C) I, II and III only
D) I, II, III and IV
D
You might also like to view...
In the short run, how is the interest rate determined? If the interest rate is less than the equilibrium interest rate, what occurs?
What will be an ideal response?
Suppose that Sandy can produce 10 economic reports or make 2 sales calls. Suppose Tim can produce 2 economic reports or make 1 sales call. Which of the following is CORRECT?
A) The opportunity cost for Sandy of producing one economics report is 1/5 of a sales call. B) The opportunity cost for Sandy of producing one sales call is 10 economics reports. C) The opportunity cost for Tim of producing one sales call is 1/2 of an economics report. D) The opportunity cost for Tim of producing one economics report is 2 sales calls.
The total factor productivity of railroads increased dramatically in the antebellum period. All of the following factors are responsible for the increase in productivity except:
a. standardization of the gauge of railroad tracks. b. the introduction of refrigerated railroad cars. c. increased size of railroad cars. d. increased use of existing capital.
Are comic books money?
A. Yes, because the way economists define money, basically everything is money. B. Yes, because comic books can easily be traded for goods and services. C. No, because money cannot be something with intrinsic value, which comic books have. D. No, because selling a comic book takes work and provides an uncertain amount of funds.