The Nature of Production

Quiz
•
Business
•
11th Grade
•
Hard
ASHANTI GILLETT
Used 3+ times
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a factor of production?
Engineering
Land
Labour
Manufactured resources
Answer explanation
The factor of production that is missing is in Entrepreneurship. The entrepreneur is the person who combines all other factors of production to make a new product or service and bring to the market.
Engineering is concerned with the design, building, and use of engines, machines, and structures. An engineer may fall under Labour and engineering all under manufactured resources but it is not a factor of production
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a renewable resource?
Natural gas
Water
Iron Ore
Oil
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A company that produces orange juice out of harvested oranges is in what production division?
The extractive sector
The manufacturing and construction sector
The manufacturing sector
The services is sector
Answer explanation
The creation of orange juice from oranges falls under the sector of construction and manufacturing, because in the construction process you are actually accumulating and preparing (removing its skin, cleaning) the oranges so that the company can manufacture orange juice.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a capital resource for a vendor who wishes to produce drinkable coconut water?
The vendor’s ability to cut the coconut.
The vendor’s ability to sell the coconut water to people.
A credit loan needed from the bank to start the business.
The vendor’s use of straw so that his/her customers can drink the coconut water.
Answer explanation
A capital factor of production is the additional resources that the business must use to produce their good or service.
The straw is a capital factor of production, because the business is producing drinkable, coconut water. To make the coconut water drinkable, the vendor wouldn’t need straws.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A farmer who produces tomatoes (🍅) to satisfy the demand of his consumers, who live in his village, suggest that the farmer produce on which level?
Traditional Production
Community Production
Domestic Production
Surplus Production
Answer explanation
Domestic production is producing within your country. Thus so long as it is in Belize it is domestic production, it can be within your village, district or other villages and districts of Belize.
Community production does not exist.
Traditional production means that you are only producing for yourself/family.
Surplus production means that you are producing for Belize and foreign countries.
6.
FILL IN THE BLANK QUESTION
1 min • 2 pts
———————— refers to the total amount of goods and services generated over a time, and———————-is the output per person per hour.
7.
FILL IN THE BLANK QUESTION
1 min • 2 pts
————————— is a persons ability to produce a good or service of demand, while ——————- is the effort of a person to produce a good or service.
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