Cambridge International A Level · Economics (9708)

Factors of production: Practice Questions

5 multiple-choice questions marked as you go, and 2 written questions with worked solutions. All on Factors of production.

7 questions11 marksFree, no account

Question 1

1 mark

Which reward is correctly matched with the corresponding factor of production?

Question 2

1 mark

Which of the following best describes an increase in a country’s human capital?

Question 3

1 mark

In the context of factors of production, how does human capital differ from labour?

Question 4

1 mark

The factor of production known as Land is unique in the context of classical economic theory because its total supply is generally considered to be:

Question 5

1 mark

Which statement accurately describes the key difference between human capital and physical capital?

Question 6

2 marks

Identify the four factors of production and state the specific reward earned by the owners of the factor that provides land and natural resources.

Write your answer out first, then check it against the worked solution.

Question 7

4 marks

The production of all goods and services requires the use of factors of production (FOPs).

(a) Outline the four factors of production, clearly stating the distinct reward associated with each factor.

(b) Explain how the practice of division of labour and specialisation can increase productivity within a firm or an economy, providing one relevant advantage and one potential disadvantage of this practice.

Write your answer out first, then check it against the worked solution.

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