FACTORS OF PRODUCTION (Land, Labour, Capital, Entrepreneur)

Land is often different from other factors of production because it _______

• Has different grades

• Is a free gift of nature

• Is owned by the government

• It is owned by individuals

   Land is the most significant factor in terms of contribution to the economy because ________

• It enables us to build industries

• All our highways are constructed on it

• We get a lot of fishes from it

• Vital resources from it enrich the economy

  The reward to land as a factor of production is _________

• Profit

• Rent

• Interest

• Wage

    Which of the following could be used to measure the efficiency of labour?

• Rate of inflation

• Education and training

• Level of employment

• Input-output ratio

Rent and interest are rewards to _______

• Land and capital respectively

• Labour and capital respectively

• Labour and land respectively

• Capital only

    Which of the following factors of production consist of man-made goods?

• Land

• Labour

• Capital

• Entrepreneur

The reward for labour is _______

• Wades and salary

• Profit / Loss

• Rent

• Dividend

The reward which accrues to labour for participating in production is ________

• Interest

• Wages

• Bonus

• Profit

One characteristic of labour is that it is ___________

• Fixed in demand

• Fixed in supply

• Untrainable

• Mobile

Capital as a factor of production is important because _______

• It enables us to carry out tasks that cannot be done by human effort only

• Most tasks can be done with bare hands

• People work without capital

• Without capital, all other factors useless