WorksheetsSL8_T2_Factors of Production Quiz
Total questions: 15
Worksheet time: 45mins
Name
Class
Date
1.
What is the primary purpose of an economy's factors of production?
a)
To create utility for people
b)
To generate profit for businesses
c)
To increase government revenue
d)
To reduce unemployment
2.
Which of the following is NOT considered a factor of production?
a)
Labor
b)
Capital
c)
Natural Resources
d)
Money
3.
What is human capital?
a)
Natural resources available for production
b)
The skills and knowledge workers acquire
c)
The physical tools used in production
d)
The total number of workers in an economy
4.
How can the amount of labor available to an economy be increased?
a)
By reducing the number of hours worked
b)
By increasing the number of people available to work
c)
By decreasing education opportunities
d)
By limiting job training programs
5.
Which of the following is an example of capital?
a)
A tree in a forest
b)
A factory building
c)
A piece of land
d)
A government policy
6.
What distinguishes natural resources from other types of resources?
a)
They are produced by humans
b)
They can be used for production
c)
They are found in nature
d)
They require technology to be useful
7.
What role does technology play in production?
a)
It replaces human labor
b)
It increases the availability of natural resources
c)
It applies knowledge to improve production processes
d)
It eliminates the need for capital
8.
What is the definition of an entrepreneur?
a)
A person who manages government resources
b)
A person who seeks to earn profits by organizing factors of production
c)
A person who provides labor for production
d)
A person who invests in financial capital
9.
Which of the following is an example of financial capital?
a)
A factory
b)
A truck
c)
Stocks and bonds
d)
A computer
10.
How can the supply of natural resources be expanded?
a)
By reducing the population
b)
By discovering new resources
c)
By increasing taxes on resources
d)
By limiting technology
11.
What is one way that entrepreneurs impact the economy?
a)
By creating government regulations
b)
By finding new ways to organize production
c)
By limiting competition
d)
By increasing taxes
12.
Which of the following best describes the relationship between entrepreneurs and technology?
a)
Entrepreneurs create technology
b)
Technology is irrelevant to entrepreneurs
c)
Entrepreneurs use technology to improve production
d)
Technology replaces the need for entrepreneurs
13.
What is the significance of human effort in production?
a)
It is the only factor of production
b)
It is necessary for creating utility
c)
It can be replaced by technology
d)
It is less important than capital
14.
Which of the following is an example of a natural resource?
a)
A computer program
b)
A piece of machinery
c)
A forest
d)
A factory
15.
What is the role of knowledge in transforming natural resources?
a)
It is not important
b)
It helps to discover new resources
c)
It allows for the production of goods and services
d)
It limits the use of resources
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