Industrial Machinery Is an Example of

question 68

Multiple Choice

Industrial machinery is an example of

• A)a factor of production that in the past was an output from the production process.
• B)technological knowledge.
• C)a production function.
• D)an item which always has the property called constant returns to scale.

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Definitions:

Common Resources

Natural or man-made resources that are not excludable but are rival in consumption, such as fish in the sea or public parks.

Excludable

A characteristic of a good or service that means it can be prevented from being used by people who have not paid for it.

Private Goods

Goods that are excludable and rivalrous, meaning one person's consumption prevents another's and consuming the good diminishes its availability for others.

Common Resources

Resources that are accessible to all members of a community but are susceptible to overuse and depletion, such as air, water, and fish in the ocean.