Question : Which of the following is NOT an example of a factor of production?
Option 1: Land
Option 2: Labor
Option 3: Capital
Option 4: Money
Correct Answer: Money
Solution : The correct answer is (d) Money
Factors of production are the resources or inputs used in the production process to create goods and services. The primary factors of production are land, labor, and capital.
Money is not considered a factor of production. Money serves as a medium of exchange and a store of value, but it does not directly contribute to the production process itself. Instead, it is used to facilitate transactions and as a means of measuring the value of goods and services.
Question : Which of the following is NOT a factor of production in the calculation of national income?
Question : Enterprises combines factors of production to produce goods and services. Factors of production involves __________________________.
Option 1: Land and labour
Option 2: Capital and entrepreneurs
Option 3: Land, labor, capital and entrepreneurs
Option 4: Land and entrepreneurs
Question : Which of the following is not an institutional factor for agriculture?
Option 1: Land reforms
Option 2: Electricity
Option 3: Size of fields
Option 4: Land tenure
Question : Which of the following is not an example of factor payment?
Option 1: Interest
Option 2: Wages
Option 3: Rent
Option 4: Pension
Question : Which of the following is an example of a staff function in an organization?
Option 1: Production
Option 2: Finance
Option 3: Marketing
Option 4: Human resources
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile