Factor of Production
举一反三
- Which of the following is NOT a factor of production?
- A fixed factor is a factor of production that is used in fixed proportion to the level of output.
- Factor markets are different from product markets in an important way because A: equilibrium is the exception, and not the rule, in factor markets. B: the demand for a factor of production is a derived demand C: the demand for a factor of production is likely to be upward sloping, in violation of the law of demand. D: All the answers are correct.
- Which factor of production earns profit A: land B: human capital C: money D: entrepreneurship
- In the circular-flow diagram, which of the following items represents a payment of a factor of production? A: Interest B: Spending by households on service C: Spending by households on goods D: capital