Factors of Production — Practice Quiz
ICSE · Class 10 · Economic Application
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Quick Quiz: Factors of Production
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Which statement best defines production in the classical sense used by Adam Smith?
Which of the following is a factor of production?
A carpenter makes a table from wood. Which type of utility is mainly created?
Anything which helps in the process of production is called a ________.
Sample Questions
Which one is a reward for labour?
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Wages
Labour earns wages. Rent goes to land, interest goes to capital, and profit goes to the entrepreneur.
Which of the following is a characteristic of land?
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It is immovable
Land is immovable and fixed in supply. It is also a free gift of nature and earns rent.
Which of these is labour?
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A teacher teaching in school for salary
Labour includes human work done with the expectation of wage income or reward. Teaching in school for salary is labour.
Capital is best described as:
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A produced means of production
Capital is man-made and used for further production. Machines, tools, and buildings are examples of capital.
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