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Production Quiz #1

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
2.
The following items (accountant's computer, carpenter's drill, and a tailor's sewing machine) are all examples of which factor of production?
a)
capital
b)
entrepreneurshipt
c)
land
d)
labor
3.
The term "factors of production" means:
a)
things or skills needed to produce goods or services
b)
how we spend our money
c)
the resources of the government
d)
how society creates jobs
4.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
5.
The term, "entrepreneurship" means:
a)
Person who organizes the factors of production to produce goods/services; business owners.
b)
Goods not created for their own use, but to make other goods/services.
c)
Work the people do to produce goods and services.
d)
The natural resources used to produce goods or services.
6.
The term, "land" means:
a)
The natural resources used to produce goods or services.
b)
Work the people do to produce goods and services.
c)
Goods not created for their own use, but to make other goods/services.
d)
Person who organizes the factors of production to produce goods/services; business owners.
7.
The term, "labor" means:
a)
Work the people do to produce goods and services.
b)
The natural resources used to produce goods or services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
Goods not created for their own use, but to make other goods/services.
8.
What is a risk an entrepreneur takes in running a business? 
a)
Losing the money invested in starting the business
b)
Going bankrupt [losing everything]
c)
Not having a steady job/paycheck
d)
All of these are risks!
9.
a)

Physical Capital

b)

Human Capital

c)

Land

d)

Labor

10.
a)

Human Capital

b)

Physical Capital

c)

Land

d)

Labor

11.
a)

Human Capital

b)

Physical Capital

c)

Land

d)

Labor

12.

Land is a factor of production that refers to all natural resources used to produce goods and services.

a)

True

b)

False

13.

Labor is a factor of production that refers to the effort people devote to tasks for which they are paid.

a)

True

b)

False

14.

The factors of production are all of the resources used to make all goods and services.

a)

True

b)

False

15.

SELECT ALL THAT APPLY: The three factors of production are:

a)

Land

b)

Labor

c)

Capital

16.

Entrepreneurship is often considered a fourth factor of production since it is necessary for an entrepreneur to assemble the factors of production.

a)

True

b)

False

17.

Capital is a factor of production that refers to any human-made resource that is used to produce other goods and services.

a)

True

b)

False

18.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

19.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

20.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

21.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

22.
A herd of cattle is an example of ...
a)
Land
b)
Labor
c)
Entrepreneur
d)
Capital
23.
Forests are examples of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
24.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
25.
Your garbage man is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital

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