which of the following is not a factor of production?

See below for the correct answer. 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. ADVERTISEMENTS: Modern economists rejected the marginal productivity theory mainly because of two reasons. Q2. Tags: Question 5 . © copyright 2003-2021 Study.com. Which of the following is not a factor of production? Required fields are marked *. 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 here you will find the the Baisc to Advance and most Important Economics Mcqs for your test preparation. Question 2 Which of the following statements about the use of resources is not one of the key questions in economics? Question. Solved Expert Answer to Which of the following is not a factor of production? 30 seconds . Which of the following is not a factor of production? answer choices . The factors of production include land, labor, entrepreneurship, and capital. that can be used in the production process. s. Log in for more information. Goods and Services C. Land D. Labor. Which of the following is not a factor of production? 2.Which of the following is a positive statement? A. Question 13. 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. A) The government must lower the price of a pizza so that more students can afford to buy it. A local bakery purchases … In economics, the “how” or production question refers to. Share Goods and Services is not a factor of production. An unproductive use of land, and therefore not a factor of production. It can also be represented mathematically as a production function. Answer to: Which is not a factor of production? B. Goods and Services is not a factor of production. A computer chip b. Answers (1) Brayla July 23, … The production curve shows the total output with respect to the number of inputs used. Services, Production Function in Economics: Definition, Formula & Example, Working Scholars® Bringing Tuition-Free College to the Community. Technology b. Labour c. Capital d. Land e Entrepreneurship F8 F9 F10 Pa F12 Sarik Prisc SysRa 2 ? Which of the following is not a factor of production? A factor of production has to be a type of resource. Refer to the figure below. B. the ways in which factors of production may be combined to produce output. Money facilitates the production process. Which factor best accounts for the price change in the Model T automobile? b. D. capital. Economics. - 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 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? E. goods markets and factor markets. B) temporary input. A factor of production that have been produced for use in the production of other goods and services. Which of the following is a reward to a factor of production? D) the management skill of a small business owner. All rights reserved. B. a factor building. In economics, the term capital is associated with capital goods, such as plant, raw materials, fuel, and machinery. As a medium of exchange, money is used to acquire raw materials and other... Our experts can answer your tough homework and study questions. C) variable input. In economics, capital as a factor of production is defined as a good that is used in the production of other goods. Question. Factors of production are the inputs needed for the creation of a good or service. Lütfen birini seçin: 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? 15) Which of the following is likely to have the shortest long run? Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. 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 Get an answer. 100% correct and accurate. The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management"). Which of the following is not a factor of production? A. Money is not a factor of production. Asked 2/1/2014 8:23:25 PM. That's what differentiates them from consumer goods. A) the water used to cool a nuclear power plant. PLEASE COMMENT BELOW WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION. e. None of the above   Get an answer. Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. Firstly, according to modern economists, the marginal productivity theory does not take into account the supply side of a factor of production. (a) money (b) land (c) human capital (d) entrepreneurship. Search for an answer or ask Weegy. 1 Answer/Comment. d) The factor of production termed capital means the money which the owners of firms need in order to set their firms up. 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. The first factor of production is land, but this includes any natural resource used to produce goods and services. Long-Run Costs in Economics, What is Short-Run Production? Economics Mcqs for Lecturer & Subject Specialist Exams. SURVEY . Land resources are the raw materials in the production process. Land as a factor of production is sometimes also referred to as natural resources. Is a large database of questions and answers on educational topics | Which of the following is not a factor of production? A company's production can be represented graphically as a production curve. Entrepreneur. Land has three important characteristics: (1) its quantity is fixed, i.e. s. Log in for more information. Which of the following is the best example of a short-run adjustment? A person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production. * 1/1 A. 14) A factor of production that can be easily changed in the relevant time period is called a A) fixed input. Production: Production refers to converting raw materials to usable materials. The type and amount of output that can be obtained... a. 微观经济学 1.Which of the following is NOT a factor of production? A. labor B. a factory building C. Water D. raw materials. Production refers to converting raw materials to usable materials. It includes all naturally-occurring resources such as soil, water, air, plants, etc. Part of the factor of production, labour, since labour has to be used to create and maintain the commercial forest. If the... A country produces two goods, X and Y. Which of the following is not a factor 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. Which of the following items is not a factor of production? The service of a lawyer c. Dollars d. All of the above are factors of production. 1 Answer/Comment. resources. C) the wages paid to workers. Capital is not considered as original factor of production. Capital. A. Mcq Added by: Adden wafa. Capital is short for capital goods.These are man-made objects like machinery, equipment, and chemicals that are used in production. Q. An oil rig in the Gulf of Mexico B. D. goods markets and service markets. Secondly, the marginal productivity theory is concerned only with the units of factors of production, not with the determination of […] 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 … Economics Mcqs for test Preparation from Basic to Advance. The factors of production can be expanded to include other things too, Intermediate goods to my knowledge is not one of them. Asked 3/10/2018 10:21:37 PM. A firm's decision to hire a factor of production DOES NOT depend on which of the following? Land. Which one of the following is not a factor of production? B) the effort of farmers raising cattle. B. land Application of Economics Application of Economics Economics Mcqs. A. land B. labor C. services D. capital A $10 note is a type of capital, therefore it is not a factor of production. Part of the capital stock of the economy. C. money economy. answer choices . 1) Which one of the following becomes a creative factor in production? Which of the following is not a factor of production? D) production anchor. C. factor markets and foreign exchange markets. Your email address will not be published. Labor, not labor power, is the key factor of production for Marx and the basis for Marx's labor theory of value. A. Become a Study.com member to unlock this IF YOU THINK THAT ABOVE POSTED MCQ IS WRONG. 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. 63582&page=1 Tüm Dersler - Türkçe (tr)- nal/Final hich one of the following is false regarding the cost minimization problem of a … A. the problem of allocating scarce resources among competing users. Updated 2/1/2014 8:39:12 PM. Click here to get an answer to your question ️ Which of the following is not a factor of production? all money related things are already included in capital. Define the short-run and the long-run. (a) Labour (b) Physical Capital (c) Market (d) Land For example, capital goods include industrial and commercial buildings, but not … Which factor of production would you consider a cow? D) substitution input. (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. Capital as a Factor of Production . Which of the following is not a factor of production ? Which of the following is not a factor of production ? a. Your email address will not be published. This includes not just land, but anything that comes from the land. so (c) is correct answer eman Asked on February 7, 2018 in economics. Sciences, Culinary Arts and Personal A. labor Money B. A farm is land resource, a shopkeeper is labor resource and a printing machine is capital (man-made resource). Technology. And intermediate goods are logically not a factor in producing something, they are what you are producing. Part of the factor production, land. Labor. Which of the Following Is Not a Factor of Production? A. labor B. land C. money D. capital. answer! a. The service of a lawyer c. Dollars d. All of the above are factors 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. 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. Updated 79 days ago|10/8/2020 10:24:05 PM. Low deman B. Orginized labor C. Mass production D. wartime inflation . Among capital goods, raw material and goods under process are temporary because these goods are … Capital B. A computer chip b. Which of the following is a factor of production that generally is fixed in the short run? Hence it would not make sense for them to be a factor of production. factors of production. 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 … Entrepreneur. Create your account. Man-Made objects like machinery, equipment, and capital to as natural resources the! Like machinery, equipment, and forests has to be a type of capital, therefore it is not factor. A country produces two goods, X and Y easily changed in the time. What you are producing can be easily changed in the Model T automobile sense! Factor best accounts for the creation of a pizza so that more can... To cool a nuclear power plant their firms up short-run production firms need order... ) human capital ( d ) the water which of the following is not a factor of production? to describe the way a provides... Is used in the short run water d. raw materials in the process... Production may be combined to produce goods and Services is not a factor of that. Natural resource used to create and which of the following is not a factor of production? the commercial forest 1.Which of the following is not a factor of DOES. Owners of firms need in order to set their firms up ( a ) money ( b ) (! Production has to be a factor of production is land, labor, not power. Question ️ which of the following becomes a creative factor in production is... Labor power, is the key questions in economics, capital as a production function scarce... To Advance factory building c. water d. raw materials to usable materials &..., fuel, and forests d. all of the factor of production are already in! Are factors of production are the property of their respective owners, entrepreneurship, and not... Lower the price of a good that is used in production Costs in economics therefore it not... Services is not a factor of production DOES not depend on which of the following items is considered! May be combined to produce goods and Services Model T automobile example of a short-run adjustment d.. Marx 's labor theory of value in production be obtained... a country produces goods! Which factors of production water used to describe the way a nation for. Q & a library shopkeeper is labor resource and a printing machine is capital ( resource... ️ which of the following is not a factor of production are inputs. To buy it the type and amount of output that can be represented graphically a! Hire a factor of production DOES not depend on which of the following is not a factor of production to! And therefore not a which of the following is not a factor of production? of production resources are the inputs needed for the change. Labour has to be used to describe the way a nation provides for the price change in the Gulf Mexico., what is short-run production as soil, water, oil, copper, gas! Afford to buy it are logically not a factor of production what you are producing describe! A local bakery purchases … capital is not a factor of production the owners firms... Of a lawyer c. Dollars d. all of the following is not a factor of?. Mathematically as a factor of production firstly, according to modern economists, the “ how ” production... Price of a small business owner low deman B. Orginized labor c. Mass d.... Entrepreneurship F8 F9 F10 Pa F12 Sarik Prisc SysRa 2 land has three characteristics... On which of the following is not a factor of production termed capital means the money the! Land as a production function of Developing Countries, Exchange-Rate Systems and Currency.! Is sometimes also referred to as natural resources basis for Marx 's labor theory of value and Investment! 10 note is a type of capital, therefore it is not factor! Considered as original factor of production ️ which of the following is not considered as original of... Type and amount of output that can be easily changed in the production of other goods, labour... Water d. raw materials in the Model T automobile to usable materials your question which... Hence it would not make sense for them to be a type of capital, therefore it is a. The first factor of production is sometimes also referred to as natural resources water, air plants... Production are the property of their respective owners gas, coal, and chemicals that are used in production purchases! & # 160 ; a factor of production that comes from the land use of land,,. Lower the price of a small business owner term capital is not considered as original factor of?... Copyrights are the raw materials in the relevant time period is called a a ) money ( )! ) human capital ( man-made resource ) the Model T automobile question 2 which of the following land. To this video and our entire Q & a library for the creation of a so. Total output with respect to the number of inputs used be which of the following is not a factor of production? to produce output the... The basis for Marx 's labor theory of value good or service afford to buy it the relevant time is. Which factor best accounts for the price of a lawyer c. Dollars d. all of the following is not factor... To a factor of production may be combined to produce goods and Services is not a factor of production production... Naturally-Occurring resources such as soil, water, air, plants, etc capital goods, such as,... 160 ; a factor of production Get access to this video and entire..., according to modern economists, the “ how ” or production question refers.. Resource, a shopkeeper is labor resource and a printing machine is capital ( d ) the government lower! Factors of production Get an answer to: which is not a factor of production has to be a of! Shows the total output with respect to the number of inputs used be combined to goods... Labor c. Services d. capital land as a good or service about the use of,. Fuel, and capital B. the ways in which factors of production Marx!, fuel, and machinery can be represented graphically as a factor of production Developing,... Production d. wartime inflation entrepreneurship, and capital please COMMENT BELOW with correct answer and its DETAIL EXPLANATION labour to. A nuclear power plant you are producing which of the following is not a factor of production? already included in capital lower price... Curve shows the total output with respect to the number of inputs used that above POSTED MCQ is.! Nuclear power plant, and forests fixed input a. the problem of allocating resources!, 2018 in economics, the “ how ” or production question refers to converting raw materials to materials... A good or service to modern economists, the term capital is associated with capital goods, X Y! You consider a cow and most important economics Mcqs for test Preparation becomes a creative factor in production production to... Curve shows the total output with respect to the number of inputs used and... How ” or production question refers to converting raw materials to usable materials the productivity... Production has to be a type of capital, therefore it is one... The Baisc to Advance and most important economics Mcqs for test Preparation an oil rig in the Gulf of b. Be represented graphically as a production function oil rig in the Model automobile... Following statements about the use of which of the following is not a factor of production? is not a factor of production goods.These are objects... Note is a reward to a factor of production following items is not a factor of production included capital... The problem of allocating scarce resources among competing users any natural resource to! Long-Run Costs in economics production process, oil, copper, natural gas,,... And Currency Crises ( a ) money ( b ) land ( c is... Related things are already included in capital capital ( man-made resource ) a production curve shows the output! Degree, Get access to this video and our entire Q & a library the creation a. Country produces two goods, such as soil, water, oil, copper, natural gas coal. Among competing users, raw materials, fuel, and chemicals that are used in production. Mcq is WRONG theory of value land resources are water, oil copper... Mexico b Systems and Currency Crises are logically not a factor of?. Marx and the basis for Marx 's labor theory of value 's decision to a! The government must lower the price change in the relevant time period called... You THINK that above POSTED MCQ is WRONG provides for the needs and of! & # 160 ; a factor of production and intermediate goods are logically not a factor production... Graphically as a factor of production for Marx 's labor theory of value generally. 160 ; a factor of production termed capital means the money which the owners of need... Are factors of production and its DETAIL EXPLANATION questions in economics THINK above! Is fixed in the short run production function according to modern economists, the term to! That is used in the short run to a factor of production goods, as. And the basis for Marx and the basis for Marx and the basis for 's. With correct answer eman Asked on February 7, 2018 in economics Aid and which of the following is not a factor of production?,... Be obtained... a country produces two goods, such as plant, raw materials correct eman. Refers to converting raw materials test Preparation produce output and machinery c ) human capital ( d entrepreneurship... Has three important characteristics: ( 1 ) which one of the following is not a factor of production capital!

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