This quiz works best with JavaScript enabled. Home > Economics > Production Economics – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Production Economics Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Why will scarcity continue to be a problem in the future? A) World population will fall. B) Wants will continue to increase. C) Price will rise. D) The quantity of resources will decline. Show Answer Correct Answer: B) Wants will continue to increase. 2. Total cost of producing 35 t-shirts is £70. Average cost per t - shirt is: A) £2. B) £4. C) £0.5. D) £70. Show Answer Correct Answer: A) £2. 3. What factor of production is a tractor? A) Land. B) Labor. C) Capital. D) None of above. Show Answer Correct Answer: C) Capital. 4. A doctor attending a conference focused on new methods of treatment for heart disease would be an example of ..... A) An increase labor. B) A market failure. C) An increase in human capital. D) A decrease in labor. Show Answer Correct Answer: C) An increase in human capital. 5. The term, "land" means: A) The natural resources used to produce goods or services. B) Work the people do to produce goods and services. C) Goods not created for their own use, but to make other goods/services. D) Person who organizes the factors of production to produce goods/services; business owners. Show Answer Correct Answer: A) The natural resources used to produce goods or services. 6. A person who makes goods or provides a service A) Goods. B) Service producer. C) Producer. D) Consumer. Show Answer Correct Answer: C) Producer. 7. The people who work in both public and private sector are called: A) Land. B) Labour. C) Capital. D) Entreprenuership. Show Answer Correct Answer: B) Labour. 8. What is opportunity cost? A) A graph that shows how much an economy can produce between 2 goods. B) How much money something is. C) The opportunity one has to give up in order to gain something else. D) Land, labor, capital, entrepreneurs. Show Answer Correct Answer: C) The opportunity one has to give up in order to gain something else. 9. Which of the following are factors of production? A) Scarcity and shortages. B) Capital and land. C) Technology and productivity. D) Economics and business decisions. Show Answer Correct Answer: B) Capital and land. 10. Which is NOT a factor of production? A) Land. B) Money. C) A bulldozer. D) A special skill. Show Answer Correct Answer: B) Money. 11. A truck driver is an example of which Factor of Production? A) Labor. B) Land. C) Entrepreneurship. D) Capital. Show Answer Correct Answer: A) Labor. 12. What is the fundamental problem of every society? A) Labor costs. B) Scarcity. C) Economic interdependence. D) Market fluctuation. Show Answer Correct Answer: B) Scarcity. 13. Owning your own business is an example of ..... A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 14. You crave Tacos, Salad, or Chicken Strips for lunch. You choose to have Tacos. What is the opportunity cost of your lunch decision? A) Tacos. B) Salad and Chicken Strips. C) Salad and Tacos. D) Chicken Strips only. Show Answer Correct Answer: B) Salad and Chicken Strips. 15. Which of these is an example of land as a factor of production? A) Machinist. B) Robotic welder. C) Water. D) Tractor. Show Answer Correct Answer: C) Water. 16. Which term means "making decisions based on what you believe is the best combination of costs and benefits"? A) Economizing. B) Budgeting. C) Cutting back. D) Motivating. Show Answer Correct Answer: A) Economizing. 17. Which of these is NOT one of the 4 factors of production? A) Labor. B) Land. C) Entrepreneurship. D) Work Skills. Show Answer Correct Answer: D) Work Skills. 18. 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 only. B) Labour and land. C) Labour and capital. D) Labour only. Show Answer Correct Answer: C) Labour and capital. 19. Your friend and you decide to open a snow-cone stand. The stand and the snow cone machine are examples of which factor of production? A) Natural Resources. B) Capital Resources. C) Entrepreneurship. D) Labor Resources. Show Answer Correct Answer: B) Capital Resources. 20. ..... is workers and their abilities, talents, training, skills, and knowledge used to produce goods or services A) Human resource. B) Capital resource. C) Natural resource. D) Production. Show Answer Correct Answer: A) Human resource. ← PreviousNext →Related QuizzesProduction Economics Quiz 1Production Economics Quiz 2Production Economics Quiz 3Production Economics Quiz 4Production Economics Quiz 5Production Economics Quiz 6Production Economics Quiz 7Production Economics Quiz 8Production Economics Quiz 9Production Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books