Identify the option that is not considered a factor of production.

Multiple choice question for Application of Economics. Select an option, then review the explanation below.

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.

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?

Identify the option that is not considered a factor of production.

Explanation

More Application of Economics MCQs