Factors of Production Are Different from Inputs in That Factors

question 291

Multiple Choice

Factors of production are different from inputs in that factors of production:

• A)can be used over and over again,but inputs cannot.
• B)can be used only once,whereas an input can be used over and over again.
• C)refer only to labor,while inputs refer to machinery.
• D)encompass only land and other natural factors,while inputs are ingredients.

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Definitions:

Percentile

A value in a data set below which a certain percentage of observations fall.

STDEV.P(data range)

A function in spreadsheet software that calculates the standard deviation of a dataset, considering the entire population.

STDEV.S(data range)

A statistical function in spreadsheet programs used to calculate the standard deviation for a sample set of data, indicating data variability.

Measures of Central Tendency

Statistical indicators that describe the center point or typical value of a dataset, including the mean, median, and mode.