Production

A factor of production is an _________ in the production process.

• ingredient

• input

• item

• output

All of the following are considered to be factors of production EXCEPT?

• products

• labour

• land

• enterprise

Capital as a factor of production is sometimes referred to as:

• entrepreneurship

• man-made resources

• human resources

• natural resources

The reward for the entrepreneur is:

• rent

• salary

• profit

• interest

Limestone is found in economic quantities in several Caribbean islands.  What types of industries can be derived from the presence of limestone?

• Aluminum and quarrying

• Agriculture and jewelry

• Agro-processing and energy

• Cement and construction

Guyana produces some of the best hardwood timber in the world, for example greenheart and mora.  Which of the following groups of products can be made from this timber?

• Ships, buildings, furniture

• Ships, cars, airplanes

• Buildings, appliances, electric poles

• Furniture, cars, boats

The Caribbean has a sunny climate, some of the world’s most beautiful beaches, diverse fauna, etc.  What industry can be derived from these natural resources?

• Tourism

• Banking

• Retail

• Manufacturing

Productivity refers to:

• how many products a business makes per year

• how efficiently a business is using its resources

• how many times a person is late for work

• how to get potential customers to purchase your products

Which of the following formulas can be used to calculate productivity?

• Productivity = Output/input

• Productivity = input/output

• Productivity = Number of employees/output

• Productivity = Output + input/number of employees

Nicholas Superior Cricket Bats Limited produces 1200 cricket bats per week with a production staff of 20 employees.  What is the labour productivity of the business?

• 60

• 300

• 1180

• 24000