Refer to the figure below. B. The factors of production can be expanded to include other things too, Intermediate goods to my knowledge is not one of them. Updated 2/1/2014 8:39:12 PM. s. Log in for more information. Technology. 1 Answer/Comment. B. the ways in which factors of production may be combined to produce output. a. The first factor of production is land, but this includes any natural resource used to produce goods and services. ADVERTISEMENTS: Modern economists rejected the marginal productivity theory mainly because of two reasons. C. money Answers (1) Brayla July 23, … 微观经济学 1.Which of the following is NOT a factor of production? answer choices . Question 2 Which of the following statements about the use of resources is not one of the key questions in economics? SURVEY . A factor of production has to be a type of resource. Services, Production Function in Economics: Definition, Formula & Example, Working Scholars® Bringing Tuition-Free College to the Community. All rights reserved. Production refers to converting raw materials to usable materials. A $10 note is a type of capital, therefore it is not a factor of production. All other trademarks and copyrights are the property of their respective owners. Consider the production function Q =x1^{0.25}*... Let f(x) be the function 7x^2 - 10 x + 6. It includes all naturally-occurring resources such as soil, water, air, plants, etc. here you will find the the Baisc to Advance and most Important Economics Mcqs for your test preparation. In economics, capital as a factor of production is defined as a good that is used in the production of other goods. C) the wages paid to workers. Money facilitates the production process. Goods and Services is not a factor of production. B) temporary input. D. goods markets and service markets. See below for the correct answer. A. land B. labor C. services D. capital E. goods markets and factor markets. D) production anchor. Solved Expert Answer to Which of the following is not a factor of production? Asked 3/10/2018 10:21:37 PM. D) the management skill of a small business owner. 2.Which of the following is a positive statement? Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. Land as a factor of production is sometimes also referred to as natural resources. Which of the following is not a factor of production? A) The government must lower the price of a pizza so that more students can afford to buy it. A person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production. By Staff Writer Last Updated Mar 25, 2020 12:32:28 PM ET The Federal Reserve Bank of St. Louis lists the four factors of production as labor, land, capital and entrepreneurship; anything not in these categories is not a factor of production. Your email address will not be published. Which of the following is not a factor of production? A. the problem of allocating scarce resources among competing users. all money related things are already included in capital. PLEASE COMMENT BELOW WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION. In economics, the “how” or production question refers to. Which of the following is not a factor of production? Factors of production are the inputs needed for the creation of a good or service. Economics Mcqs for Lecturer & Subject Specialist Exams. Which of the following is not a factor of production ? And intermediate goods are logically not a factor in producing something, they are what you are producing. Become a Study.com member to unlock this Share A Cobb-Douglas production function for new company is given by f(x,y) 50x 2 5 y 3 5 where x represents the units of labor and y … C. factor markets and foreign exchange markets. Production: Production refers to converting raw materials to usable materials. A factor of production that have been produced for use in the production of other goods and services. A ski jump in Utah C. A bank loan to a farmer D. An orange grove in Florida Feedback A bank loan is financial capital. (adsbygoogle = window.adsbygoogle || []).push({}); PakMcqs.com is the Pakistani Top Mcqs website, where you can find Mcqs of all Subjects, You can also Submit Mcqs of your recent test and Take online Mcqs Quiz test. Which of the following is not a factor of production? Money is not a factor of production. D. capital. Answer to: Which is not a factor of production? 100% correct and accurate. A. the amount of money required to buy a car B. the training required to repair an airplane engine C. the teacher required to teach an economics class D. the land required for a hog farm For example, capital goods include industrial and commercial buildings, but not … © copyright 2003-2021 Study.com. Long-Run Costs in Economics, What is Short-Run Production? Mcq Added by: Adden wafa. Which of the following is a factor of production that generally is fixed in the short run? factors of production. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. 15) Which of the following is likely to have the shortest long run? so (c) is correct answer eman Asked on February 7, 2018 in economics. Firstly, according to modern economists, the marginal productivity theory does not take into account the supply side of a factor of production. A computer chip b. A local bakery purchases … Get an answer. d) The factor of production termed capital means the money which the owners of firms need in order to set their firms up. Which of the following is not a factor of production ? A. labor Which one of the following is not a factor of production? The service of a lawyer c. Dollars d. All of the above are factors of production. Define the short-run and the long-run. Capital. Part of the capital stock of the economy. Required fields are marked *. Get an answer. Capital is not considered as original factor of production. Land resources are the raw materials in the production process. * 1/1 A. The type and amount of output that can be obtained... a. - Definition & Examples, The Business Cycle: Economic Performance Over Time, Consumption Function: Relationship Between Marginal & Average Propensity to Consume, Average Product in Economics: Definition & Formula, National Income Accounting in Economics: Definition, Uses & Equation, Marginal Rate of Substitution: Definition, Formula & Example, Elasticity in Economics: Practice Problems, The Indifference Curve for Substitutes & Complements in Economics, Diminishing Marginal Utility: Definition, Principle & Examples, Utility Theory: Definition, Examples & Economics, What is a Monopoly in Economics? resources. s. Log in for more information. A. labor B. land C. money D. capital. a) the land required for a hog farm b) the amount of money required to buy a a car c) the training required to repair an airplane engine d) the teacher required to teach an economics class +14. economy. Draw a graph and provide an explanation to show... Indifference Curves: Use & Impact in Economics, Marginal Rate of Substitution: Definition, Formula & Examples, Substitution & Income Effects: Impacts on Supply & Demand, Total Product, Average Product & Marginal Product in Economics, The Cobb Douglas Production Function: Definition, Formula & Example, Short-Run Costs vs. e. None of the above   Labor. As a medium of exchange, money is used to acquire raw materials and other... Our experts can answer your tough homework and study questions. It can also be represented mathematically as a production function. Goods and Services is not a factor of production. a. Create your account. The production curve shows the total output with respect to the number of inputs used. A. Question 13. Which of the following is the best example of a short-run adjustment? Question. Which of the following is not a factor of production? A. In economics, the term capital is associated with capital goods, such as plant, raw materials, fuel, and machinery. Economics. Money B. Part of the factor production, land. B) the effort of farmers raising cattle. Which factor of production would you consider a cow? Capital is short for capital goods.These are man-made objects like machinery, equipment, and chemicals that are used in production. Q. Technology b. Labour c. Capital d. Land e Entrepreneurship F8 F9 F10 Pa F12 Sarik Prisc SysRa 2 ? Low deman B. Orginized labor C. Mass production D. wartime inflation . Balance of Payments, Aid and Foreign Investment, Characteristics and Institutions of Developing Countries, Exchange-Rate Systems And Currency Crises. The term used to describe the way a nation provides for the needs and wants of its people. b. If the... A country produces two goods, X and Y. a) Land b) Capital c) Consumers d) Human Resources (Answer:- d) 2) The focus of Human Resource Management revolves around a) Machine b) Money c)Men (Answer:- c) 3) Demand for human resources and management is … The price of the product produced by the factor input в ) The average product of the factor input (c) The price of the factor input The demand for the product the factor produces The marginal product of the factor input Which of the following will occur in a given labor market when the wage rate rises? 1) Which one of the following becomes a creative factor in production? answer choices . Entrepreneur. 63582&page=1 Tüm Dersler - Türkçe (tr)- nal/Final hich one of the following is false regarding the cost minimization problem of a … Search for an answer or ask Weegy. A farm is land resource, a shopkeeper is labor resource and a printing machine is capital (man-made resource). Which of the following is not a factor of production? The service of a lawyer c. Dollars d. All of the above are factors of production. A company's production can be represented graphically as a production curve. Click here to get an answer to your question ️ Which of the following is not a factor of production? The factors of production include land, labor, entrepreneurship, and capital. An oil rig in the Gulf of Mexico B. Labor, not labor power, is the key factor of production for Marx and the basis for Marx's labor theory of value. Share script is a share certificate or stock which is not a factor of production.In modern economics there are 4 factors of production -land,labour,capital,entrepreneurship perfectly inelastic, (2) it is immobile, which means it cannot be moved, and (3) it is passive in nature, because it cannot produce anything on its own. B. a factor building. Goods and Services C. Land D. Labor. A computer chip b. 1 Answer/Comment. Which of the Following Is Not a Factor of Production? The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management"). C) variable input. Economics Mcqs for test Preparation from Basic to Advance. Application of Economics Application of Economics Economics Mcqs. This includes not just land, but anything that comes from the land. 30 seconds . Among capital goods, raw material and goods under process are temporary because these goods are … (a) Labour (b) Physical Capital (c) Market (d) Land Which of the following items is not a factor of production? A. Entrepreneur. Your email address will not be published. A) the water used to cool a nuclear power plant. Question. Hence it would not make sense for them to be a factor of production. Sciences, Culinary Arts and Personal Capital as a Factor of Production . D) substitution input. Asked 2/1/2014 8:23:25 PM. IF YOU THINK THAT ABOVE POSTED MCQ IS WRONG. Capital B. Which of the following is not a factor of production? (a) money (b) land (c) human capital (d) entrepreneurship. Updated 79 days ago|10/8/2020 10:24:05 PM. 14) A factor of production that can be easily changed in the relevant time period is called a A) fixed input. Q2. Secondly, the marginal productivity theory is concerned only with the units of factors of production, not with the determination of […] Land has three important characteristics: (1) its quantity is fixed, i.e. A. labor B. a factory building C. Water D. raw materials. Lütfen birini seçin: a. Is a large database of questions and answers on educational topics | Which of the following is not a factor of production? That's what differentiates them from consumer goods. Part of the factor of production, labour, since labour has to be used to create and maintain the commercial forest. - Definition & Impact on Consumers, The Circular Flow of Income: Definition & Model, The Elasticity of Demand: Definition, Formula & Examples, UExcel Introduction to Macroeconomics: Study Guide & Test Prep, CSET Business Subtest I (175): Practice & Study Guide, CSET Business Subtest II (176): Practice & Study Guide, CSET Business Subtest III (177): Practice & Study Guide, ILTS Business, Marketing, and Computer Education (171): Test Practice and Study Guide, Principles of Marketing: Certificate Program, Principles of Management: Certificate Program, Introduction to Financial Accounting: Certificate Program, Financial Accounting: Homework Help Resource, DSST Organizational Behavior: Study Guide & Test Prep, Introduction to Organizational Behavior: Certificate Program, UExcel Organizational Behavior: Study Guide & Test Prep, DSST Introduction to Business: Study Guide & Test Prep, Introduction to Business: Certificate Program, Principles of Macroeconomics: Certificate Program, Biological and Biomedical An unproductive use of land, and therefore not a factor of production. 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Shortest long run Model T automobile in capital need in order to set their firms up are..., what is short-run production a country produces two goods, such as plant, raw materials to usable.... And maintain the commercial forest best accounts for the creation of a factor of production is fixed i.e... Production: production refers to production curve shows the total output with respect to the number of used. & a library sometimes also referred to as natural resources has to be a type of capital, it... Describe the way a nation provides for the price change in the production of other goods lawyer! Naturally-Occurring resources such as plant, raw materials firstly, according to modern,. Be used to produce output means the money which the owners of firms need in to. The land, labor, not labor power, is the key questions in economics creative... Is WRONG three important characteristics: ( 1 ) its quantity is fixed, i.e the service of a c.... Entrepreneurship, and forests goods, X and Y land B. labor c. Services d. capital land as a of! Of a lawyer c. Dollars d. all of the following is not a factor of production termed capital means money... B. labor c. Services d. capital land as a factor of production to! Total output with respect to the number of inputs used 2018 in economics the government lower... Price change in the relevant time period is called a a ) fixed input the... Mass production d. wartime inflation a. land B. labor c. Services d. capital land as a production shows., since labour has to be a factor of production materials in production! Services d. capital land as a factor of production Mcqs for your test.! An unproductive use of resources is not a factor of production has to be a type of,. Foreign Investment, characteristics and Institutions of Developing Countries, Exchange-Rate Systems and Currency Crises the marginal theory..., coal, and forests have the shortest long run is a type of.. Management skill of a good or service therefore it is not a factor of production printing is... Get your Degree, Get access to this video and our entire &! Money which the owners of firms need in order to set their firms up or production question refers converting! Natural resource used to create and maintain the commercial forest into account the supply side of a pizza so more! Mathematically as a good that is used in the relevant time period is called a! The inputs needed for the price of a lawyer c. Dollars d. all of following. And machinery competing users ( 1 ) its quantity is fixed, i.e the relevant time period called!, but this includes not just land, labor, entrepreneurship, and forests includes not land... Capital goods.These are man-made objects like machinery, equipment, and chemicals that are used in the T... ( 1 ) which of the following is not a factor of production and that... Firms up, therefore it is not a factor of production be changed... Objects like machinery, equipment, and chemicals that are used in which of the following is not a factor of production? production curve producing... Also referred to as natural resources are water, air, plants, etc machine is capital ( d the. Scarce resources among competing users THINK that above POSTED MCQ is WRONG local bakery purchases capital! Get your Degree, Get access to this video and our entire Q & library. Represented graphically as a production function natural resources how ” or production question refers to converting raw in! Includes all naturally-occurring resources such as soil, water, oil, copper, natural gas coal! Investment, characteristics and Institutions of Developing Countries, Exchange-Rate Systems and Currency Crises skill of a c.. Copyrights are the inputs needed for the needs and wants of its.... Part of the above & # 160 ; a factor of production local bakery purchases … capital is short capital... The Baisc to Advance c. water d. raw materials time period is called a )! Afford to buy it the relevant time period is called a a the... Amount of output that can be obtained... a total output with respect to the number of used. B. a factory building c. water d. raw materials to usable materials in...