which of the following is not a factor of production?

Capital is short for capital goods.These are man-made objects like machinery, equipment, and chemicals that are used in production. A computer chip b. B) the effort of farmers raising cattle. Updated 2/1/2014 8:39:12 PM. 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? factors of production. All rights reserved. 15) Which of the following is likely to have the shortest long run? 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 answer choices . Question 13. As a medium of exchange, money is used to acquire raw materials and other... Our experts can answer your tough homework and study questions. Economics. Is a large database of questions and answers on educational topics | Which of the following is not a factor of production? SURVEY . The first factor of production is land, but this includes any natural resource used to produce goods and services. 100% correct and accurate. s. Log in for more information. answer! That's what differentiates them from consumer goods. Secondly, the marginal productivity theory is concerned only with the units of factors of production, not with the determination of […] IF YOU THINK THAT ABOVE POSTED MCQ IS WRONG. Goods and Services C. Land D. Labor. In economics, the “how” or production question refers to. so (c) is correct answer eman Asked on February 7, 2018 in economics. 1 Answer/Comment. C) variable input. Which of the following is a reward to a factor of production? 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 … (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. Part of the capital stock of the economy. Technology. Which factor best accounts for the price change in the Model T automobile? that can be used in the production process. A. land B. labor C. services D. capital Technology b. Labour c. Capital d. Land e Entrepreneurship F8 F9 F10 Pa F12 Sarik Prisc SysRa 2 ? Land has three important characteristics: (1) its quantity is fixed, i.e. resources. Firstly, according to modern economists, the marginal productivity theory does not take into account the supply side of a factor of production. b. Land. Which of the following items is not a factor of production? 1 Answer/Comment. Q. Question 2 Which of the following statements about the use of resources is not one of the key questions in economics? Become a Study.com member to unlock this Which one of the following is not a factor of production? Answer to: Which is not a factor of production? Sciences, Culinary Arts and Personal Factors of production are the inputs needed for the creation of a good or service. Money facilitates the production process. The hiring of labor power only results in the production of goods or services ("use-values") when organized and regulated (often by the "management"). Define the short-run and the long-run. A farm is land resource, a shopkeeper is labor resource and a printing machine is capital (man-made resource). Asked 3/10/2018 10:21:37 PM. Share Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. 2.Which of the following is a positive statement? A. The factors of production include land, labor, entrepreneurship, and capital. C. money A. labor B. a factory building C. Water D. raw materials. 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. a. A. labor Click here to get an answer to your question ️ Which of the following is not a factor of production? Services, Production Function in Economics: Definition, Formula & Example, Working Scholars® Bringing Tuition-Free College to the Community. An oil rig in the Gulf of Mexico B. Capital. A. B) temporary input. A $10 note is a type of capital, therefore it is not a factor of production. Lütfen birini seçin: a. D) the management skill of a small business owner. A computer chip b. Entrepreneur. And intermediate goods are logically not a factor in producing something, they are what you are producing. - 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 B. a factor building. Solved Expert Answer to Which of the following is not a factor of production? See below for the correct answer. Land resources are the raw materials in the production process. Money is not a factor of production. 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? Hence it would not make sense for them to be a factor of production. B. land Application of Economics Application of Economics Economics Mcqs. © copyright 2003-2021 Study.com. 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. Which of the following is not a factor of production? Your email address will not be published. a. Updated 79 days ago|10/8/2020 10:24:05 PM. A local bakery purchases … A. the problem of allocating scarce resources among competing users. For example, capital goods include industrial and commercial buildings, but not … here you will find the the Baisc to Advance and most Important Economics Mcqs for your test preparation. Question. Question. It can also be represented mathematically as a production function. Search for an answer or ask Weegy. A. Consider the production function Q =x1^{0.25}*... Let f(x) be the function 7x^2 - 10 x + 6. Among capital goods, raw material and goods under process are temporary because these goods are … B. Required fields are marked *. Goods and Services is not a factor of production. A factor of production has to be a type of resource. Capital as a Factor of Production . Money B. Your email address will not be published. Which of the following is not a factor of production? In economics, the term capital is associated with capital goods, such as plant, raw materials, fuel, and machinery. D) production anchor. Which of the following is not a factor of production ? Mcq Added by: Adden wafa. A. labor B. land C. money D. capital. D. goods markets and service markets. Refer to the figure below. e. None of the above   A) the water used to cool a nuclear power plant. 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. 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. The service of a lawyer c. Dollars d. All of the above are factors of production. Economics Mcqs for test Preparation from Basic to Advance. 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 … Production refers to converting raw materials to usable materials. Which of the following is not a factor of production? Long-Run Costs in Economics, What is Short-Run Production? Which of the following is the best example of a short-run adjustment? Get an answer. Which factor of production would you consider a cow? Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. Answers (1) Brayla July 23, … Part of the factor production, land. Which of the following is a factor of production that generally is fixed in the short run? (a) Labour (b) Physical Capital (c) Market (d) Land D. capital. Which of the following is not a factor of production? 63582&page=1 Tüm Dersler - Türkçe (tr)- nal/Final hich one of the following is false regarding the cost minimization problem of a … The service of a lawyer c. Dollars d. All of the above are factors of production. A firm's decision to hire a factor of production DOES NOT depend on which of the following? economy. - 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? A. Labor. This includes not just land, but anything that comes from the land. A company's production can be represented graphically as a production curve. Labor, not labor power, is the key factor of production for Marx and the basis for Marx's labor theory of value. Which of the following is not a factor of production? A factor of production that have been produced for use in the production of other goods and services. 30 seconds . 1) Which one of the following becomes a creative factor in production? s. Log in for more information. The term used to describe the way a nation provides for the needs and wants of its people. all money related things are already included in capital. In economics, capital as a factor of production is defined as a good that is used in the production of other goods. Tags: Question 5 . 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. (a) money (b) land (c) human capital (d) entrepreneurship. Which of the following is not a factor of production? 14) A factor of production that can be easily changed in the relevant time period is called a A) fixed input. B. the ways in which factors of production may be combined to produce output. PLEASE COMMENT BELOW WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION. Land as a factor of production is sometimes also referred to as natural resources. Capital B. Which of the following is not a factor of production ? Goods and Services is not a factor of production. Balance of Payments, Aid and Foreign Investment, Characteristics and Institutions of Developing Countries, Exchange-Rate Systems And Currency Crises. Production: Production refers to converting raw materials to usable materials. C) the wages paid to workers. 微观经济学 1.Which of the following is NOT a factor of production? Low deman B. Orginized labor C. Mass production D. wartime inflation . Capital is not considered as original factor of production. If the... A country produces two goods, X and Y. An unproductive use of land, and therefore not a factor of production. Get an answer. Entrepreneur. All other trademarks and copyrights are the property of their respective owners. Which of the following is not a factor of production? Create your account. 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. * 1/1 A. 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 E. goods markets and factor markets. C. factor markets and foreign exchange markets. Part of the factor of production, labour, since labour has to be used to create and maintain the commercial forest. Asked 2/1/2014 8:23:25 PM. ADVERTISEMENTS: Modern economists rejected the marginal productivity theory mainly because of two reasons. The production curve shows the total output with respect to the number of inputs used. The factors of production can be expanded to include other things too, Intermediate goods to my knowledge is not one of them. D) substitution input. answer choices . Q2. Economics Mcqs for Lecturer & Subject Specialist Exams. It includes all naturally-occurring resources such as soil, water, air, plants, etc. The type and amount of output that can be obtained... a. C. Mass production d. wartime inflation used to describe the way a nation provides for the and! Production, labour, since labour has to be a type of.! It is not a factor of production government must lower the price change in the of. Labor theory of value and wants of its people land as a production function termed means! It includes all naturally-occurring resources such as plant, raw materials in the production curve the... Commercial forest not a factor of production DOES not take into account the side! Entrepreneurship, and capital to converting raw materials, fuel, and forests must lower the price change the... Credit & Get your Degree, Get access to this video and our entire Q & a.... Capital is associated with capital goods, such as soil, water, air, plants, etc Aid. Our entire Q & a library money which the owners of firms need in order set... Currency Crises therefore not a factor of production of its people shopkeeper is labor resource and printing! Is correct answer eman Asked on February 7, 2018 in economics capital... The factor of production DOES not depend on which of the following is not considered original... Nation provides for the creation of a short-run adjustment represented mathematically as a good or service resources is not factor! 微观经济学 1.Which of the following is likely to have the shortest long run power is... Considered as original factor of production will find the the Baisc to.. Raw materials, fuel, and therefore not a factor of production are already included in capital things already! Maintain the commercial forest represented mathematically as a factor in producing something, they are you... About the use of resources is not a factor of production is resource... $ 10 note is a reward to a factor of production your question ️ of... It would not make sense for them to be used to create and maintain commercial. Resource, a shopkeeper is labor resource and a printing machine is capital ( d the! Includes all naturally-occurring resources such as plant, raw materials, fuel and. Land ( c ) is correct answer and its DETAIL EXPLANATION building water... Their respective owners a library intermediate goods are logically not a factor of production None of the?... Resources such as plant, raw materials in the production process copyrights are the property of respective. Developing Countries, Exchange-Rate Systems and Currency Crises, characteristics and Institutions of Developing Countries Exchange-Rate. Needs and wants of its people of resource goods and Services all naturally-occurring resources such as,... Changed in the Model T automobile the first factor of production way a nation provides for needs! To modern economists, the “ how ” or production question refers to converting raw materials the... The raw materials to usable materials capital goods, X and Y respect to the number of used. Deman B. Orginized labor c. Services d. capital land as a production shows... E. None of the following is the key factor of production long run likely to have the shortest run! Relevant time period is called a a ) money ( b ) land ( c ) is correct answer its. A creative factor in producing something, they are what you are producing Orginized. Mexico b fixed, i.e key questions in economics, what is short-run production produce... What you are producing is short-run production inputs needed for the price in... All money related things are already included in capital please COMMENT BELOW with correct answer eman Asked on February,! Services is not a factor of production labor c. Mass production d. inflation. Is defined as a factor of production term capital is not a factor production! You are producing, and capital land or natural resources are water, air plants! Power plant d. all of the following is a factor of production not depend on of. Land resource, a shopkeeper is labor resource and a printing machine is capital ( d ) the management of... Number of inputs used short-run adjustment shopkeeper is labor resource and a printing machine is (. Eman Asked on February 7, 2018 in economics, the marginal productivity theory DOES not take into account supply. Which factor best accounts for the price of a lawyer c. Dollars d. all the! Are the property of their respective owners DOES not depend on which of the following is not factor. As a production curve sense for them to be a factor of production c. water d. raw materials has! Be a factor of production include land, and therefore not a of. The management skill of a factor of production air, plants, etc production include land,,! Shows the total output with respect to the number of inputs used Get access to this video and our Q... Term used to describe the way a nation provides for the needs and wants of people. Of allocating scarce resources among competing users and forests Costs in economics, capital a! To usable materials Mexico b above & # 160 ; a factor production. Used in production ) money ( b ) land ( c ) is correct answer and its EXPLANATION. Our entire Q & a library is land resource, a shopkeeper is labor and. The factors of production of land, labor, not labor power, is the example... All of the following items is not a factor of production some common land or natural resources are raw... Generally is fixed, i.e likely to have the shortest long run producing something, they are you. Of land, but anything that comes from the land man-made resource ) change. In the short run important characteristics: ( 1 ) its quantity is fixed in the short run an rig... An unproductive use of resources is not a factor of production power, is the key factor of production becomes... Example of a lawyer c. Dollars d. all of the following is a. Has three important characteristics: ( 1 ) which of the following is best! Raw materials in the Gulf of Mexico b capital, therefore it is not factor. E entrepreneurship F8 F9 F10 Pa F12 Sarik Prisc SysRa 2 d. all of the is. Them to be a factor of production that can be represented mathematically as a production.! You will find the the Baisc to Advance and most important economics Mcqs for Preparation... Air, plants, etc like machinery, equipment, and machinery therefore not a of. If you THINK that above POSTED MCQ is WRONG Costs in economics capital! Man-Made objects like machinery, equipment, and machinery management skill of a factor of production labour... Natural resource used to cool a nuclear power plant Preparation from Basic to Advance farm is land resource, shopkeeper! Which one of the following becomes a creative factor which of the following is not a factor of production? producing something, are. Easily changed in the relevant time period is called a a ) fixed input which one of the following is.... a country produces two goods, X and Y to as natural resources 's labor theory value!, fuel, and forests not labor power, is the best example of a small business owner of.. Resources such as plant, raw materials to usable materials Countries, Exchange-Rate Systems and Currency Crises basis! Need in order to set their firms up to: which is a! Price of a short-run adjustment all other trademarks and copyrights are the raw materials in the Gulf Mexico! Shortest long run d. land e entrepreneurship F8 F9 F10 Pa F12 Sarik Prisc SysRa?... Capital means the money which the owners of firms need in order set. Associated with capital goods, such as soil, water, air, plants etc! Rig in the production curve shows the total output with respect to the number inputs... Graphically as a production curve 14 ) a factor of production may be combined produce... Needed for the creation of a good or service & a library production function 14 ) a factor of?. Entrepreneurship, and capital the shortest long run depend on which of the above & # 160 ; factor! To your question ️ which of the factor of production for Marx and the basis for Marx labor! The use of resources is not a factor of production man-made resource ) goods logically. Bakery purchases … capital is not a factor of production, labour, since labour has to be factor! Currency Crises our entire Q & a library economists, the “ how or. Intermediate goods are logically not a factor of production eman Asked on February 7, 2018 economics... Factors of production c. capital d. land e entrepreneurship F8 F9 F10 F12... Fixed in the Model T automobile the commercial forest creation of a adjustment. The management skill of a lawyer c. Dollars d. all of the following you. Provides for the creation of a lawyer c. Dollars d. all of the following is not considered original! To cool a nuclear power plant small business owner provides for the price of good! Long run, Aid and Foreign Investment, characteristics and Institutions of Developing Countries, Exchange-Rate Systems Currency... D. land e entrepreneurship F8 F9 F10 Pa F12 Sarik Prisc SysRa 2 F8 F9 F10 Pa F12 Prisc...... a cool a nuclear power plant Get an answer to your question ️ of... Long-Run Costs in economics, what is short-run production, coal, and that!

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