Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780134641843
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 2, Problem 5IAPA
To determine
To state:
The factors of production among the given options and to explain those choices.
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Chapter 2 Solutions
Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
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- The difference between output (production) and productivity is * output measures the level of production while productivity measures production per input productivity measures only the level of production while output measures production per input production and productivity are the same thing none of the abovearrow_forwardPrior to the invention of laptops and the software on the laptop, people would use a typewriter. An average person could spend 10 hours typing a term paper on a typewriter that today would take 1 hour. This is a. an increase in the physical capital per person b. A decrease in the physical capital per person c. A decline in productivity d. none of the abovearrow_forwardAdam Smith did not considered ________ as one of the component of productionarrow_forward
- State two important of each factors of productionarrow_forwardIn the construction of a new housing development, which factor of production can be catrgorised as land? OPTIONS: (i) The people working to develop the community (ii) bike paths and stores (iii) solar power (iv) the idea to develop housing communityarrow_forwardWhat are the four basic factors of production? Provide at least one example of each factor of production and discuss how that factor is used economically.arrow_forward
- The value of production in an economy is $19,467 billion. The economy has 329,43 million people. What is the value of production per person? notice the units are different. Enter a whole numberarrow_forward10 In India, the availability of labor is comparatively more than the availability of capital. What method of production India should adopt? a. Labor intensive method b. Capital intensive method c. Labor shortening method d. Capital deepening methodarrow_forwardEconomics starting from the 1870's ......... choose one or more : a) has become increasingly mathematical b) has strived to be a pure science which works on its own rules c) has started to do mono-dimensional analysis d) has started to do multi-dimensional analysisarrow_forward
- Many economist and business leaders feel this is the most important factor in the Factors of Production? a. Land b. Capital c. Labor d. Entrepeneurshiparrow_forward40. Which of the following are important determinants of one's productivity? a) The tools, with which one works – tools that are often made available by the employer. b) The ethical behavior of society, at least as it relates to commercial transactions. c) The economy's transportation and communication systems d) The skill level of one's co-workers. e) All the abovearrow_forwardLast year, real GDP per person was $4,200. The year before it was $4,000. By what percentage did real GDP per person grow during the period? a. 200 percent b. 10 percent c. 5 percent d. 50 percent.arrow_forward
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