All other options are factors of production. Application of Economics Application of Economics Economics Mcqs. Money is specifically mentioned as not being a factor despite popular belief. Question 11 Which of the following is NOT a factor of production? Factors of Production: Factors of production are resources used by a firm to produce the goods and services that are sold to consumers. To grow wheat, man has to cultivate land. Which factor best accounts for the price change in the Model T automobile? Updated 2/1/2014 8:39:12 PM. Economics. Land is a Passive Factor of Production: This is because it cannot produce anything by itself. Factors of Production. Economics Mcqs for test Preparation from Basic to Advance. Selected Answer: C. entrepreneurs Answers: A. labor B. government C. entrepreneurs D. capital 0.05 out of 0.05 points 0.05 out of 0.05 points 0 out of 0.05 points 6. Labour is an active factor but land is a passive factor of production. These are the various factors by mean any resource is transformed into a more useful commodity or service. 3. emdjay23. Lorem ipsum dolor sit amet, consectetur adipiscing elit.Morbi adipiscing gravdio, sit amet suscipit risus ultrices eu.Fusce viverra neque at purus laoreet … Which of the following is not a factor of production? 1 Answer/Comment. A. labor B. land C. money D. capital. 5. They are the inputs for the process of production. In the given options, first three are the factors of production while the fourth option of Product is not the main factor of production. Question. B. Goods and Services is not a factor of production. For example, wheat cannot grow on a piece of land automatically. A. Low deman B. Orginized labor C. Mass production D. wartime inflation . New answers. Asked 3/10/2018 10:21:37 PM. The Federal Reserve Bank of St. Louis lists the four factors of production as labor, land, capital and entrepreneurship; anything not in these categories is not a factor of production. Register Now. s. Log in for more information. A. The factors of production refer to the inputs which are used in the production process of goods and services. Which of the following is not a factor of production? 2 hours ago Consider the following(the table percentage stand for the percentage of the US resources in the north and south): 1. A Cobb-Douglas production function for new company is given by f(x,y) 50x 2 5 y 3 5 where x represents the units of labor and y represents the units of capital. They are the starting point of the production process. Rating. In the given case, the ski jump is not a factor of production, because this is a final good. According to economic theory, there are four main factors of production - land, labour, capital, and entrepreneurship. 1 Answer/Comment. Capital B. Search for an answer or ask Weegy. Anything that helps in production is the factor of production. Land is Immovable: It cannot be transported from one place to another. A. the amount of money required to buy a car B. the training required to repair an airplane engine C. the teacher required to teach an economics class D. the land required for a hog farm Censorship of the press was not only a problem in Nazi Germany, it also occurred in the fascist state of Italy. s. Log in for more information. Question. Goods and Services is not a factor of production. Goods and Services C. Land D. Labor. Asked 2/1/2014 8:23:25 PM. Mcq Added by: Adden wafa. Get an answer. Updated 79 days ago|10/8/2020 10:24:05 PM. All of these factors also earn income in one form or another. Which of the following is not a factor of production ? Into a more useful commodity or service place to another transported from one place to another factors by mean resource... 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