Which of the Following "Factors of Production" Is Included in the Neoclassical

question 89

Multiple Choice

Which of the following "factors of production" is included in the neoclassical growth theory?

• A)skills and education of the workforce
• B)cultural attitudes toward work
• C)effectiveness of the legal system in protecting property rights
• D)labor measured in units of effective labor
• E)all of the above

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Definitions:

Indifference Schedule

A table or graph that shows a combination of two goods that give a consumer equal satisfaction and utility, illustrating consumer preferences.

Units of X

A term often used in economics to denote a quantity of a particular good or service being considered.

Data

Information, especially facts or numbers, collected to be examined and considered and used to help decision-making.