Factors of Production - SS1 Economics Past Questions & Answers - page 1

1

Which of the following is a factor of production?

 

A

Marketing

 

B

Sales

C

Land

D

None of the above

CORRECT OPTION: c
2

Which factor of production refers to the physical and mental effort put into producing goods and services by workers?

A

Labour

 

 

B

Capital

C

Land

D

Entrepreneurship

CORRECT OPTION: a
3

Which factor of production refers to the tools, machinery, and infrastructure used in the production process?

A

Labour

 

 

 

 

B

Capital

C

Land

D

Entrepreneurship

CORRECT OPTION: b
4

Which factor of production refers to the skill and vision required to identify business opportunities and organize resources to create goods and services?

A

Labour

 

B

Capital

C

Land

D

Entrepreneurship

CORRECT OPTION: d
5

Which factor of production refers to natural resources such as water, forests, minerals, and oil?

A

Labour

 

B

Capital

C

Land

D

Entrepreneurship

CORRECT OPTION: c
6

Define the factor of production 'capital'.

 

Capital refers to the physical and financial assets used in the production process, such as machinery, equipment, and buildings. 

 

7

What is the role of entrepreneurship in production process?

 

 

Entrepreneurship  includes the ability to take risks, innovate, and make decisions that impact the production process.

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