An Irrigation System Is Installed on a Farm in North

question 132

Multiple Choice

An irrigation system is installed on a farm in North Dakota. This is an example of which factor of production?

• A)labor
• B)land
• C)human capital
• D)physical capital

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Definitions:

Budget Line

An illustrative chart showing every possible pair of two items that a specific budget and set prices allow to be acquired.

Labor Income

Earnings derived from work or employment, including wages, salaries, bonuses, and other compensation.

Tax Rate

The percentage at which an individual or corporation is taxed, often applied to income or transactions.

Lump Sum Payment

A single payment made at a particular time, as opposed to a series of smaller payments or installments.