Which of the Following Is Correct with Respect to the Factors

question 161

Short Answer

Which of the following is correct with respect to the factors of production?
The "labour" factor recognizes that it is importance to have labour unions to offset the power of management.
"Capital" is a more important factor than "labour."
As the Canadian economy has become larger and more complex, the importance of entrepreneurs has declined.
Unlike land, labour, and capital, information can be shared without it being diminished.
Human resources is an example of the "natural resources" factor.

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Definitions:

Regular Widget Production

The routine manufacture of a standardized product, often referred to in examples to illustrate production and economic concepts.

Multiple Production Department Factory Overhead Rate

A costing method that calculates separate overhead rates for each department within a manufacturing facility, reflecting the different types of activities and costs in each department.

Painting Department

A specialized section within an organization or production facility focused on painting activities, such as surface preparation and the application of coatings.

Multiple Production Department Factory Overhead Rate

A method used to allocate factory overhead costs to products based on specific rates for different production departments.