Which of the Following Statements About Factors of Production Is

question 66

Multiple Choice

Which of the following statements about factors of production is the most accurate?

• A)entrepreneurship and knowledge are the most important in creating wealth.
• B)each of the factors of production is equally important in creating wealth.
• C)wealth creation in poor nations is slowed by chronic shortages of labour.
• D)the five factors of production are energy,capital,labour,leadership and money.

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Definitions:

Total Utility

This term refers to the total satisfaction received by consuming a certain amount of goods or services.

Milk Shakes

Although commonly a beverage, if not directly relevant to economics or provided as a specific economic term, the answer is NO.

Marginal Utility

The additional satisfaction or utility that a person receives from consuming one additional unit of a good or service.

Milk Shakes

A cold beverage made from milk, ice cream, and flavorings or sweeteners such as butterscotch, caramel sauce, or chocolate syrup.