1.02 The Factors of Production

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Factors of Production Review

1. Identify which factor of production is represented by: A factory building
   1. Land
   2. Capital
   3. Labor
   4. Entrepreneur

   Answer: b. Capital

2. Identify which factor of production is represented by: The property on which the factory building was built
   1. Land
   2. Capital
   3. Labor
   4. Entrepreneur

   Answer: a. Land

3. Identify which factor of production is represented by: Copper used in the manufacture of electronics
   1. Land
   2. Capital
   3. Labor
   4. Entrepreneur

   Answer: a. Land

4. Identify which factor of production is represented by: A chainsaw used to cut trees
   1. Land
   2. Capital
   3. Labor
   4. Entrepreneur

   Answer: b. Capital

5. Identify which factor of production is represented by: A waiter or waitress
   1. Land
   2. Capital
   3. Labor
   4. Entrepreneur

   Answer: c. Labor

6. Which of the following is a factor of production?
   1. Scarcity
   2. Opportunity Cost
   3. Human Capital
   4. Choices

   Answer: c. Human Capital

7. Identify which factor of production is represented by: A person who starts an accounting office
   1. Land
   2. Capital
   3. Labor
   4. Entrepreneur

   Answer: d. Entrepreneur

8. Identify which factor of production is represented by: An oven at a pizzeria
   1. Land
   2. Capital
   3. Labor
   4. Entrepreneur

   Answer: b. Capital

9. By understanding the problem of limited resources, and unlimited wants, who will become a better decision maker?
   1. A person
   2. A company
   3. A government
   4. All of these

   Answer: d. All of these

10. Identify which factor of production is represented by: A clothing designer who starts a boutique
    1. Land
    2. Capital
    3. Labor
    4. Entrepreneur

    Answer: d. Entrepreneur