Preliminary Economics - Efficiency and Production

Question 1

The picture is an example of which factor of production?

Accepted Answer

land

Question 2

Which is NOT an improvement in our standard of living as a result of productivity

Accepted Answer

Higher production costs and higher profits

Question 3

The picture is an example of which factor of production?

Accepted Answer

entrepreneur

Question 4

T or F: Production and Productivity mean the same thing

Accepted Answer

False

Question 5

Factor of Production: Land

Accepted Answer

All natural resources that nature provides from Earth and Ocean., Resources that are natural that you can get from the Earth.

Question 6

T/F:Increasing productivity allows firms to satisfy a greater no. of wants using same resources

Accepted Answer

True

Question 7

Which FACTOR of PRODUCTION is represented in this picture?

Accepted Answer

Labor

Question 8

The Main Factors of Production are:

Accepted Answer

Land, Labour, Entrepreneurship and Capital

Question 9

The picture is an example of which factor of production?

Accepted Answer

capital

Question 10

T or F: Productivity refers to the quality of goods and services the economy produces.

Accepted Answer

False

Question 11

What is the purpose of the factors of production?

Accepted Answer

Resources for production

Question 12

The picture is an example of which factor of production?

Accepted Answer

capital

Questions 12