UNIT 5: Product Factor Markets // AP Micro Economics, 2023
12th Grade
•15 Qs
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UNIT 5: Product Factor Markets // AP Micro Economics, 2023
Quiz
•
History
•
12th Grade
•
Hard
Abigail Harvey
FREE Resource
15 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the Four Factors of Production?
Land
Labor
Price
Entrepreneurship
Capital
Answer explanation
5.1- Introduction to Factor Markets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Physical Capital?
Any effort a person devotes to a task for which that person is paid
Any human-made resource that is used to create other goods and services
Any skills or knowledge gained by a worker through education and experience
Any effort a person devotes to a task for which that person is paid
Answer explanation
5.1- Introduction to Factor Markets
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Human Capital?
Any effort a person devotes to a task for which that person is paid
Any human-made resource that is used to create other goods and services
Any skills or knowledge gained by a worker through education and experience
Any effort a person devotes to a task for which that person is paid
Answer explanation
5.1- Introduction to Factor Markets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Factor Price for Land?
Rent
Wage
Interest
Profit
Answer explanation
5.1- Introduction to Factor Markets
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Factor Price for Labor?
Rent
Wage
Interest
Profit
Answer explanation
5.1- Introduction to Factor Markets
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Factor Price for Capital?
Rent
Wage
Interest
Profit
Answer explanation
5.1- Introduction to Factor Markets
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Factor Price for Entrepreneurs?
Rent
Wage
Interest
Profit
Answer explanation
5.1- Introduction to Factor Markets
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