SHS Economics · Year 1
Production practice questions
The factors of production (land, labour, capital, entrepreneurship), their rewards, division of labour and specialisation, and the localisation of industry.
21 questions in this topic: 9 recall, 9 applying skills and concepts and 3 strategic thinking. Every one carries a written explanation.
Sample questions
3 of 21 questions in this topic. Sign up to answer them and see the explanations.
- Question 1Skills & concepts
Cocoa Processing Company, VALCO and Tema Oil Refinery are all sited together in Tema. This is an example of
- alocalisation of industry, the concentration of many industries at one geographical location
- blocation of industry alone, with no element of concentration
- cdivision of labour, since different companies do different tasks
- dspecialisation, since each company focuses on one product
- Question 2Recall
The person who organises land, labour and capital to produce goods and services, and bears the risk of the enterprise, is called
- aan entrepreneur
- ba skilled labourer
- ca landlord
- da financial capitalist
- Question 3Skills & concepts
A carpenter's saw, planes, hammers and workshop are all examples of which factor of production?
- aCapital, since these are durable goods produced by humans and used as inputs to further production
- bLand, since a workshop occupies physical space
- cLabour, since the carpenter uses physical effort
- dEntrepreneurship, since the carpenter took the risk to start the business
Answer these and 18 more on Production
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Start practising freeMore Economics Year 1 topics
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- Price
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