Which of the Following Statements About Factors of Production Is

question 242

Multiple Choice

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

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

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Definitions:

Marginal Cost

The swell in total charges associated with crafting an additional unit of a good or service.

Average Variable Cost

The total variable cost divided by the quantity of output produced, representing the variable cost for each unit of output.

Meals

Prepared food items or servings eaten or intended to be eaten at any particular time, such as breakfast, lunch, or dinner.

Marginal Cost

The increment in total financial output required for producing one more unit of a product or service.