The Industrial Revolution was a revolution in both the ________ of production and the ________ of production. A: methods B: materials C: relations D: efficiency

Factors of production are A: the mathematical calculations firms make in determining their optimal production levels. B: social and political conditions that affect production. C: the physical relationships between economic inputs and outputs. D: inputs into the production process.

The following ( ) process is<br/>not good for agricultural production. A: Nitrogen fixation B: Methane production C: Denitrification D: Ammonification

In the circular-flow diagram, A: firms own the factors of production. B: the factors of production are labor, land, and capital. C: the factors of production are also called “output.” D: firms produce output using goods and services.

What conclusion can we make about mass-production A: [A] Many people are engaged in production. B: The cost of production is lowered. C: Goods produced are of low quality.

Prior to the Yuan Dynasty, porcelain production took place all over the land. However, by the Ming and Qing Dynasties, Jingdezhen outshined all other areas and became the undisputed center of Chinese porcelain production.

If the economy shown in the diagram moves from position A to position B, we would know that ( ) A: the rate of unemployment increased. B: consumption goods production increased, but capital goods production decreased. C: its unemployment decreased, but at the expense of either capital or consumption good production. D: it has achieved full employment of resources.

The<br/>key difference between a competitive firm and a monopoly firm is the<br/>ability to select ( ) A: the level of competition in<br/>the market. B: the level of production. C: inputs in the production<br/>process. D: the price of its output.

One of the research area in Green Chemistry is to use renewable feedstocks for chemical production. Which could be used as feedstocks for chemical production in the following resources? A: Kitchen garbage B: Waste cooking oil C: Agricultural wastes D: Microalgae

18) According to the circular flow model A: . in the market for goods and services, households are buyers and firms are sellers. B: . the market for goods and services, households are sellers and firms are buyers. C: . in the market for factors of production, households are buyers and firms are sellers. D: . firms are the owners of the factors of production.