Multiple Choice
Which of the following situations best illustrates when a resource is considered valuable in economics?
0. Basic Principles of Economics
Factors of Production
Back0. Basic Principles of Economics
Factors of Production
- Multiple ChoiceWhich three factors of production are interrelated such that a change in one often leads to changes in the others?
- Multiple ChoiceWhich of the following best explains why producers choose to specialize?
- Multiple ChoiceWhich of the following is a reason for changes in buyer tastes, affecting the demand for factors of production?
- Multiple ChoiceWhy might higher interest rates deter a firm from building a new factory?
- Multiple ChoiceWhich of the following lists correctly identifies the four main factors of production in economics?
- Multiple ChoiceEconomic factors in decision making fall under the category of __________.
- Multiple ChoiceWhich of the following correctly arranges the types of economies from least government involvement to greatest government involvement?
- Multiple ChoiceIn the context of factors of production, what two requirements of supply must someone meet to be considered a producer?
- Multiple ChoiceWhich of the following best describes 'capital' as a factor of production?
- Multiple ChoiceIn the context of factors of production, how does the control of resources differ between a market economy and a command economy?
- Multiple ChoiceWhich statement about economic resources is accurate?
- Multiple ChoiceWhich of the following would NOT be considered a capital resource by economists?
- Multiple ChoiceWhich of the following is NOT considered a factor that affects worker productivity?
- Multiple ChoiceWhich of the following is the case where capacity is measured in terms of inputs?