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Worksheets1.2 The factors of production
Total questions: 40
Worksheet time: 24mins
What are the factors of production?
land, capital, needs and wants
land, labor, capital, and entreprise
water, air, food, and shelter
land, capital, goods and services
What type of factor of production is a road?
capital
enterprise
labour
land
Which factor of production is the most closely related to education?
capital
enterprise
labour
land
Which factor of production is the least mobile?
capital
enterprise
labour
land
Which are not a factors of production?
land
rent
capital
interest
Which of the following would be an example of human capital?
The amount of workers who work in a Nike factory
The skills of the shoe designers at Nike
Philip Knight, the CEO of Nike
The land that the Nike headquarters is located on in Beaverton Oregon
Land includes...
the "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
the "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
A herd of cows is an example of ...
land
labor
enterprise
capital
Forests are examples of...
land
labor
enterprise
capital
A bulldozer is an example of...
land
labor
enterprise
capital
Your housekeeper is an example of...
land
labor
enterprise
capital
A steel factory is an example of
land
labor
enterprise
capital
Cashiers at McDonalds are examples of ….
land
labor
enterprise
capital
Milk is...
a raw material
an elaborated product
none of them
If land which is currenlty being used for farming may be used intead to build houses, that can be seen as
occupationally mobile
occupationally immobile
geographically mobile
geographically immobile
A factory cannot be moved from London to New York, which could be understood as
occupationally mobile
occupationally immobile
geographically mobile
geographically immobile
Which of the following may cause geographic immobility?
Family ties and related commitments
Lack of information
Restrictions on the tranferring of manpower
Lower price of housing in different ares or regions
A better payment or job offer from an interntional company
Which capital(s) can be seen as geographically immobile?
A coal mine
An airport
A photocopier
A dock
Someone who is willing to bear risks and able to manage the factors of production in car manufacturing industry can also find another job in the banking industry.
Occupationally mobile
Occupationally immobile
Geographically mobile
Geographically immobile
In which way, the quantity of land can increase?
Soil erosion
Flood
Land reclamation
Desertification
Fertilisers can be applied to fields to increase the quantity of the land.
True
False
The quantity of labor can be determined by
the size of population
the school leaving age
the retirement age
high payments
the age structure of the population
Capital goods will not decrease even though they can physicall wear out and some become outdated.
True
False
Net investment can never higher than gross investment in the real world.
True
False
Someone bought an incream machine to make strawberry sandaes; unluckily, some parts broke down for some reasons, and he was unwilling to repair it. Under such circumstance, it is said to be
depreciation
net investment
negative net investment
gross investment
Advances in technology can improve capital goods to produce a higher output and a better quality output.
True
False
In which way(s), the quantity of enterprise will increase?
University offers more degrees in business and economics
A reduction of government regulation
High tax rate on firm's profit
Friendly immigration policies
The quality of enterprise could be improve through a better education system, and more experience.
True
False
The reward for land is called (a) .
The reward for labor is called _______ and _______.
(a)
The reward for capital is called (a) .
The reward for enterprise is called (a) .
