Title: QUIZ: Factors of Production
Course: Recommended Resources for AP Micro from FRE > Section: Unit 3: Production, Cost, and the Perfect Competition Model

Q: What are the four factors of production?
- Water, oil, copper, forests
- Land, labor, capital, entrepreneurship
- Money, resources, goods, services
- Rent, wages, interest, profit
A: Land, labor, capital, entrepreneurship

Q: Which factor of production refers to the effort people contribute to the production of goods and services?
- Land
- Labor
- Capital
- Entrepreneurship
A: Labor

Q: What income is earned by labor resources?
- Rent
- Wages
- Interest
- Profit
A: Wages

Q: What is the income earned by owners of capital resources called?
- Rent
- Wages
- Interest
- Profit
A: Interest

Q: Which factor of production involves combining land, labor, and capital to earn a profit?
- Land
- Labor
- Capital
- Entrepreneurship
A: Entrepreneurship

Q: What is NOT considered a factor of production according to the video?
- Money
- Land
- Labor
- Capital
A: Money

Q: What is the payment to entrepreneurship?
- Rent
- Wages
- Interest
- Profit
A: Profit

Q: Which term describes limited quantities of resources to meet unlimited wants?
- Capital
- Profit
- Scarcity
- Entrepreneurship
A: Scarcity

Q: What factor of production involves the machinery, tools, and buildings used to produce goods and services?
- Land
- Labor
- Capital
- Entrepreneurship
A: Capital

Q: Which of the following is a capital resource that a construction company might invest in?
- An airplane
- Shares of stock in a lumber company
- Lumber
- A dump truck
A: A dump truck