Which statement about the factors of production is correct?

A A river from which a company draws water is called land
B Raising finance for a company is called capital
C Supervisors employed in a company are called enterprise
DThe owner of a company is called labour (J10/P1/Q1)

Answer is A


The tertiary sector of the economy is increasing in importance This statement is most likely to mean that a high proportion of the labour force is

A employed in agriculture
B employed in manufacture
C employed in the production of services
D unemployed but looking for work {J10/P1/Q3)
Answer is C


A farmer pays a landowner for the use of a field What is the income to the landowner called?

A interest B profit
C rent D wages{N10/P1/Q1]

Answer is C

What is a factor of production?

A an advantage of producing on a large scale
B a resource used to produce goods and services
C a sub-section of a manufacturing process
D a unit of output[N10/P1/Q4]

Answer is B

A university rejects 2000 qualified applicants who wish to study there What factor of production could have caused the university to make this decision?

A infinite quantity of capital
B scarcity of labour
C surplus of land unlimited
D supply of enterprise[N11/P1/Q4]

Answer is B

Which statement about the factors of production is correct?

A Capital includes factories and machinery but not roads and ports
B Enterprise is more often found in the public sector rather than the private sector
C Labour is the factor that takes risks and can become unemployed
D Land is the natural factor that can be improved by human action (J12/P1/Q2]

Answer is D

Reena makes a living by selling paintings of the town in which she lives She sells them in an open-air market once a week In order to be able to sell more pictures in a week she decides to buy a ‘studio, pay someone to help in the studio and try to increase demand by advertising in the local paper Which factors of production were changed?

A capital and enterprise
B enterprise and labour
C labour and capital
D labour only {J13/P1/Q3]

Answer is C

What is a factor of production?

A a semi-skilled, young worker
B direct taxes received by a government
C shares in a manufacturing company
D stocks of money held a bank[J14/P1/Q3]

Answer is A

Which statement about the factors of production is correct?

A Capital includes man-made machines that do not keep their original value
B Enterprise is a natural factor of production that cannot be taught
C Labour is an immobile factor that does not change its skill level
D Land is only agricultural fields that cannot be improved by human effort [N14/P1/Q2]

Answer is A

New oil reserves are discovered What has increased in supply?

A capital B enterprise
B labour D land[J15/P1/Q2]

Answer is D

Which is not a factor of production?

A a farm
B a farmer
C a farmer bank account
D a second-hand tractor{J17/P1/Q1)

Answer is C

Economists refer to factors of production Which is not a factor of production?

A the fields of a farm
B the machinery in a factory
C the shares of a company
D the staff in an office (N17/P1/Q1]
Answer is C

What would be classified as the factor of production capital for an airline?

A the aircraft operated by the airline
B the money the airline keeps in the bank
C the pilots the airline uses
D the shares of the airline quoted on the stock market (J18/P1/Q2)

Answer is A

Which factor of production is not represented in the list shown?

Bananas a factory goat a risk taking visitors

A capital B enterprise
C labour D land[N18/P1/Q1]

Answer is C

A government wishes to increase : agricultural output It gives farmers the tools to irrigate the farmers’ fields.

Which factors of production are provided by the farmer?

A capital and enterprize
B enterprise and labour
C labour and land
D land and capital[J19/P1/Q1]

Answer is C

Which statement about factors of production is correct?

A Capital is the amount of money borrowed from a bank
B Labour is output made by an employee
C Land includes commercially
D Profit is the reward for enterprise (N19/P1/Q1)]

Answer is D


What can cause the supply curve for a product to shift to the right?

A an increase in demand for the product
B an increase in government subsidies to producers t
C an increase in indirect taxes on the product
D an increase in the costs of production(N19/P1/Q6}

Answer is B


In 2016, 20 billion barrels of oil and 1 6 billion barrels of natural gas were discovered in Texas, US Which factor of production has increased in the US due to this discovery?

A capital B enterprise

C labour D land[J20/P1/Q1]

Answer is D