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- Subject
- Application of Economicseconomics-mcqs › application-of-economics
- Published
- 2 Jun 2019
- Last updated
- 28 May 2026
Explanation
The primary factors of production include labor (workforce), land (natural resources), and capital (equipment). Money or funds is not classified as a factor of production but rather a medium of exchange.
More Application of Economics MCQs
Practice related questions from the same subject.
- 1.Two economists are debating the impact of government spending on unemployment. One claims that increasing government expenditure by 50 billion dollars would reduce unemployment by one percentage point. The other argues that the same spending would only lower unemployment by 0.1%, and even then, the effect would be short-lived. What best explains their disagreement?
- 2.Which of the following topics falls under the study of microeconomics?
- 3.What are positive statements characterized by?
- 4.Which of the following statements expresses a normative viewpoint?
- 5.Which of the following factors does not cause the production possibilities curve of a country to expand outward?
- 6.Which of the following statements about microeconomics and macroeconomics is incorrect?
- 7.Two economists are debating government policies on unemployment. One claims that combating unemployment is crucial because it is the worst social problem, while the other argues that inflation is the most serious social issue. What does this disagreement indicate about the economists?
- 8.Which of the following statements reflects an economist adopting a scientific approach?
More in Economics Mcqs
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- Applied Microeconomics
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