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Practice mode Application of Economics

Which of these is NOT a factor of production?

Correct answer D. Money

Explanation

Money is a medium of exchange used to buy resources; it does not itself produce anything, unlike land, labour and capital, which are inputs into production.

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Question 03 Application of Economics

In which of these statements is the economist behaving most like a scientist?

Correct answer D. A reduction in unemployment benefits will reduce the unemployment rate

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Question 04 Application of Economics

Two economists are debating unemployment policy. One says the government should tackle unemployment because it is the greatest social evil; the other insists that inflation is the greatest social evil. Why do they disagree?

Correct answer C. They disagree because they have different values

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