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- 1. Multiple Choice
All of the economic inputs that are required to produce goods and services are called:
Factors of production
Supply
DEMAND
CAPITAL FOR GOODS
- 2. Multiple Choice
The physical effort of people to produce goods or services describes which factor of production?
Land
Capital
Labor
Entrepreneurship
- 3. Multiple Choice
The ideas and emotional drive a person has to produce something that other people will want to buy describes which factor of production?
Capital
Labor
Entrepreneurship
Land
- 4. Multiple Choice
What is the best explanation of factors of production?
Raw materials used to produce products
Labor and materials
Money and financing
Resources used by a company to produce good and services
- 5. Multiple Choice
Which of the following is a factor of production that some economists believe should be included with the three basic factors?
Land
Capital
Labor
Enterprise
- 6. Multiple Choice
Which of the following does not fall within the category of land as a factor of production?
A building
Trees
Coal
Water
- 7. Multiple Choice
A Factor of Production is
Used in the Production of things that are useful.
Used in the production of goods and services.
Used in the production of goods
Used in the production of services.
- 8. Multiple Choice
Land is defined as
Soil used in farming.
Natural resources used in production.
Farms used in agriculture or production
The most important factor of production.
- 9. Multiple Choice
The reward for Labour is
Profit
Wage
Rent
Interest
- 10. Multiple Choice
The Irish Economy is a mixed economy which means that
The Economy is run by business and government decisions.
A variety of goods and services are produced in Ireland.
The Economy is run by business decisions.
The Economy is run by government decisions.
- 11. Multiple Choice
The Centrally Planned Economy is one that is run mainly by
both business and government decisions
business decisions.
government decisions
the religous beliefs of the majority.
- 12. Multiple Choice
Define three factors of production
labor, capital and natural
resources.
labor, money and natural
resources.
labor, capital and
resources.
- 13. Multiple Choice
Explain the role of technology and entrepreneurs in the utilization of the economy‘s factors of production.
The technology - the knowledge that can be applied to the production of goods and services
An entrepreneur is a person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production.
Both above
- 14. Multiple ChoiceA garbage truck driver is an example of which Factor of Production?laborlandentrepreneurshipcapital
- 15. Multiple ChoiceIron, minerals, coal and plants are examples of which productive resource?landlaborentrepreneurshipcapital
- 16. Multiple Choicefactory workerNaturalLaborCapital????????
- 17. Multiple Choice
Which factor of production would you consider a lawn mower?LandLaborCapitalEntrepreneur - 18. Multiple ChoiceWhich factor of production would you consider a cow?LandLaborCapitalEntrepreneur
- 19. Multiple ChoicefishNaturalLaborCapital????????
- 20. Multiple ChoiceThe people who decide to buy.ProducersConsumersEconomistEntreprenuers
- 21. Multiple ChoiceWhat part of the picture is the natural resource?roperock mountainrock climber
- 22. Multiple ChoiceWhat kind of resource is this?natural and capital resourcenatural resourcecapital resourcehuman resource
- 23. Multiple ChoiceWhat is this resource?human resourcecapital resourcenatural resourcehuman and capital resource
- 24. Multiple ChoiceWhat is an entrepreneur?A person who starts a new business.A leader of a country.A worker in a factory.A student in college.
- 25. Multiple Choice
Our desires for goods and services are unlimited
true
false
- Answer choicesTagsAnswer choicesTags