Which of the Following Is a Factor of Production

question 48

Multiple Choice

Which of the following is a factor of production?

• A)A bottle of wine produced by a vineyard
• B)A vintner hired by a vineyard
• C)A loan granted to a vineyard
• D)The wine exported by a vineyard

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Definitions:

Sunk Costs

These are costs that have already been incurred and cannot be recovered, thus should not affect future business decisions.

Future Costs

Costs that will be incurred in the future as a result of current decisions or plans.

Alternatives

Different options or strategies available to be chosen in decision-making processes.

Future Costs

These are costs expected to be incurred in the future as a result of current or future actions.