FA1 Economics Revision Quiz

Nautral resources such as iron ore or timber are examples of what type of factor of production?

• Land
• Labour
• Capital
• Enterprise

Economists are an example of what type of factor of production?

• Land
• Labour
• Capital
• Enterprise

Delivery vans are examples of what type of factor of production?

• Land
• Labour
• Capital
• Enterprise

New start up venture is an example of what type of production?

• Land
• Labour
• Capital
• Enterprise

Which of the following represents the factor of production 'land'?

• Natural resources used in production
• The effort put in by workers
• Human made goods used in production
• The risk taken by owners

Which of the following represents the factor of production 'labour'?

• Natural resources used in production
• The effort put in by workers
• Human made goods used in production
• The risk taken by owners

Which of the following represents the factor of production 'capital'?

• Natural resources used in production
• The effort put in by workers
• Human made goods used in production
• The risk taken by owners

Which of the following represents the factor of production 'enterprise'?

• Natural resources used in production
• The effort put in by workers
• Human made goods used in production
• The risk taken by owners

Income paid to a landlord to lease a commercial office is an example of what type of income?

• Rent
• Wages
• Interest
• Profit

Salary paid to a teacher is an example of what type of income?

• Rent
• Wages
• Interest
• Profit