Factors of Production Quiz

How many types of resources work together in our economy, also known as factors of production?

• Two

• Three

• Four

• Five

Which of the following is NOT one of the four factors of production?

• Land

• Labour

• Capital

• Money

What does 'Labour' refer to in the context of factors of production?

• Natural resources like soil and forests

• Mental or physical work done for income

• Man-made means of production like machinery

• Risk taker and organiser of other factors

What is 'Capital' considered as in the factors of production?

• Free gifts of nature

• Mental or physical work done

• Man-made means of production

• Risk taker and organiser

Who is an 'Entrepreneur' in the context of factors of production?

• Someone who provides the natural resources

• Someone who performs labor for income

• Someone who invests capital

• A risk taker and organiser of other factors

What do engineers produce based on physical laws according to the text?

• Services and products

• Economic policies

• Marketing strategies

• Legal documents

Why is less known about the quantitative nature of economic environments?

• Because it is not important

• Due to the unpredictability of physical laws

• Because economics involves people and the structure of organizations

• Because engineers are not trained in economics

How is the satisfaction of the physical and economic environments linked according to the text?

• Through social and cultural processes

• Through production and construction processes

• Through political and legislative processes

• Through educational and training processes

What do engineers need to manipulate to achieve a balance in attributes in both the physical and economic environments?

• Social systems

• Political systems

• Educational systems

• Systems

What are the two main components of an engineering system as shown in Figure 1.1?

• Social environment and Political environment

• Physical environment and Economic environment

• Biological environment and Chemical environment

• Technological environment and Legal environment