Lesson 4.1.1.3
4.1.1.3 Economic resources Quiz: AQA Economics, Unit 1
20 questions
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Lesson 4.1.1.3, Economic resources: 20 multiple choice questions for the AQA Economics (7136), Unit 1: Individuals, firms, markets and market failure, written with Revision Ninja.
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The 20 questions
-
Which of the following is one of the four factors of production?
- Labour.
- Money.
- Inflation.
- Demand.
-
Which factor of production is best described as the human effort used in producing goods and services?
- Enterprise.
- Labour.
- Land.
- Capital.
-
Which option best describes capital as a factor of production?
- Financial currency
- Human labour
- Natural resources
- Man-made assets
-
What is the primary role of enterprise as a factor of production?
- Manual labour
- State planning
- Organising resources
- Natural inputs
-
Which of these is classified as land as a factor of production?
- Factory worker
- Bank loan
- Crude oil
- Delivery van
-
A bakery buys a new oven. Which factor of production does the oven represent?
- Enterprise.
- Capital.
- Labour.
- Land.
-
Why is the natural environment classified as a scarce economic resource?
- Demand is zero
- Utility is infinite
- Resources are finite
- Resources are free
-
An entrepreneur taking financial risks to launch a product exercises which factor of production?
- Enterprise
- Land
- Capital
- Labour
-
Which of these is a factor reward paid to a resource owner?
- Income tax
- Parking fine
- Welfare benefit
- Rent
-
What is the economic reward paid to the factor of production enterprise?
- Wages
- Rent
- Interest
- Profit
-
Coal reserves beneath the ground are classified under which factor of production?
- Labour
- Land
- Enterprise
- Capital
-
Why are economic resources described as scarce?
- Zero demand
- Infinite supply
- Free availability
- Limited supply
-
Under which factor of production are factory machines classified?
- Labour
- Land
- Enterprise
- Capital
-
Which factor of production involves taking business risks to organise resources?
- Land
- Capital
- Labour
- Enterprise
-
Why is clean air considered a scarce economic resource?
- Supply is unlimited
- No alternative uses
- Opportunity cost exists
- Production is zero
-
What factor reward is paid to owners of land?
- Interest
- Rent
- Profit
- Wages
-
Investing in automated robots adds to a firm's stock of which factor?
- Capital
- Labour
- Enterprise
- Land
-
What is the economic reward earned by workers providing labour?
- Interest
- Profit
- Wages
- Rent
-
A sustained increase in profit levels will most directly encourage which factor?
- Enterprise
- Labour
- Land
- Capital
-
Discovering new oil reserves increases a country's supply of which factor?
- Labour
- Enterprise
- Land
- Capital
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