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- is the only factor of production that needs to be produced. O Human resource ●Capital O Natural resources O LaborEconomists refer to the inputs that firms use to produce goods and services as a. derived factors. b. derived resources. c. factors of production d. instruments of revenue.What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A natural resource used to produce a good c. A good purchased as an input in the production process d. A good used in the production of another good
- Which of the following is/are not a factor of production? O a. Enterprise O b. Land О с. Сapital O d. Cheque bookSelect the number of the question and the letter to indicate the answer you consider correctfor each question. Answers to all questions are to be recorded on the answer sheet. (Pleasenote - Do not submit the full question with a circle answer. ONLY the number and theletter).1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the…The factors of production are best defined as the a. output produced from raw materials. b. inputs used to produce goods and services c. wages paid to the workforce. d. goods and services sold in the market.