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Which of the following is considered a factor of production? A) Money B) Labor C) Stocks and bonds D) Consumer goods Don't use chatgpt otherwise give 20 downvotes
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- what is the value of production in dollars (aka, Josel's income or value of production)? Explain your answer.An automobile manufacturer uses labor, capital, and a variety of intermediate goods in the production of cars. The car requires $4,000 of steel, $6,000 seats, $10,000 of electronics, $2,000 tires, $10,000 of labor, $5,000 of capital and has a 20% sales markup to consumers. a. What is the total value of intermediate goods? b. What are the total payments to factors of production? c. What is the total value of sales? d. What is the value of GDP from the sale of this car?Q1. Draw a circular flow diagrm. Identify the parts of model that corresponds to flow of goods and services and the flow of dollar for each of the following activites. Ahmed earns Rs 200 per houir working in a factory Ayesha spend Rs1500 for a pizza “Eat More” bakery pay Rs 2500 for the rent on its shop Maya purchases a new pair of earrings for Rs 250
- Draw an example production function in terms of output and capital.GIVE 2 specific properties which define its shape; explain these usingthe definition and properties of MPK.Many economist and business leaders feel this is the most important factor in the Factors of Production? a. Land b. Capital c. Labor d. EntrepeneurshipFactors of production are inputs used to consume goods and services. a. False b. True
- In the simple circular-flow diagram, a. households own the factors of production. b. households buy all the goods and services that firms produce. c. land, labor, and capital flow from households to firms. d. All of the above are correct.I what are the factors of productionWhich of the following is NOT a factor of production? A. trucks used by a furniture company for deliveries B. a person developing a production schedule for a new product C. financial capital, or money available to be loaned or invested D. forested areas that have yet to be developed
- Total factor productivity refers to: a. total production in the economy b. all factors of production c. total production in the economy due to the primary factors of production d. factors of production other than the primary factorsDraw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. Stuart earns $4.50 per hour working at a fast-food restaurant.In the circular-flow diagram, which of the following represents a factor market transaction? A) purchase of a new t.v. B) Expenditure on a new pair of pants. C) Payment for a haircut. D) Payment for raw materieals in the production of bikes.