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- Subject
- Production Factorseconomics-mcqs › production-factors
- Published
- 30 May 2019
- Last updated
- 28 May 2026
Explanation
The main factors of production include labor, land, and capital. These are essential inputs used to produce goods and services, whereas the other options list elements that are not traditionally classified as primary factors of production.
More Production Factors MCQs
Practice related questions from the same subject.
- 1.Imagine a war fought using biological weapons that eliminate human labor but leave physical capital intact. Compared to the pre-war period, what changes would you expect in the equilibrium wages and rental prices after the conflict?
- 2.How does a rise in automobile prices affect the demand for autoworkers?
- 3.At what point should a profit-driven competitive firm continue to employ additional workers?
- 4.Why does the demand curve for an individual firm's factor of production slope downward?
- 5.Which of the following is NOT a likely result of a reduction in the supply of agricultural tractors?
- 6.How does a reduction in the number of fishermen affect the market for capital goods, such as fishing boats, in the fishing sector?
- 7.In a perfectly competitive market, the value of the marginal product of capital represents the firm's what?
- 8.What happens to the additional output when a factor shows diminishing marginal returns as more units are employed?
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