3  Which statement about the factors of production is correct?1 pointA Capital includes man-made machines that do not keep their original value.B Enterprise is a natural factor of production that cannot be taught.C Labour is an immobile factor that does not change its skill level.D Land is only agricultural fields that cannot be improved by human effort.

For a factor of production to be called capital it must:Question 19Select one:a.be produced.b.occur in the natural environment.c.be a part of human skill.d.be a result of a stock issue

The three primary factors of production areGroup of answer choicesrevenue, profits, and costs.price, quantity, and profits.capital, interest, and savings.land, labor, and capital.labor, wages, and training.

What are factors of production? Briefly discuss them. 5 marks

What are the 4 factors of production?

Which of the following is an example of a factor of production?Group of answer choiceseconomy of scalecompetitionfree marketlabormass production Flag question: Question 16Question 16Tips1 ptsThom Nielssen owns 500 acres of woodland. His forest is an example of which factor of production?Group of answer choicescapitalnatural resourcesentrepreneurshiplaborexpense Flag question: Question 17Question 17Tips1 ptsThe new employee that Dunn Photographic Services hired is an example of which factor of production?Group of answer choicesnatural resourcescapitalwagesinterestlabor Flag question: Question 18Question 18Tips1 pts_____ combine the inputs in the production of goods and services for what are intended to be profitable ventures.Group of answer choicesPrivateersMarketersEconomistsCooperatorsEntrepreneurs Flag question: Question 19Question 19Tips1 ptsIn terms of economic trends, the complete opposite to communism is:Group of answer choicesa command economysocialismrevolutionary enterprisecapitalismpublic enterprise Flag question: Question 20Question 20Tips1 ptsThe economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:Group of answer choicescapitalismsocialismcommunismpublic enterpriselaissez faire Flag question: Question 21Question 21Tips1 ptsSummer Dean was walking through the mall and found a gym bag lying on the ground. The decision Dean must make as to whether to keep the gym bag and its contents for herself or turn it into the mall's lost and found department involves:Group of answer choicesconsumerismethicsthe marketing conceptcultural awarenesssocial reciprocity Flag question: Question 22Question 22Tips1 ptsCriticism of South Africa's post-apartheid government contends that the new government has not extended liberties to its black majority population, but has instead concentrated on proving to a white minority that a black-run administration can govern a reasonably sophisticated economy and society. The belief that the new South African government is behaving unethically is an expression of the philosophy associated with:Group of answer choicesdistributive justicepreconventional moralitysocial responsibilityutilitarianismconsumerism Flag question: Question 23Question 23Tips1 ptsUtilitarianism:Group of answer choicesstates that any act that jeopardizes the individual's rights is wrongcreates win-win situationis difficult to implement because it is hard to tell how one decision will impact a large number of peoplesupports the belief that life should be fairis easy to implement because of its childlike simplicity Flag question: Question 24Question 24Tips1 ptsIn the 21st century, we define justice as:Group of answer choicesan equitable distribution of the burdens and rewards that society has to offerthe creation of a situation in which all involved are winnerssupport for the development of legal measures to define ethicsa global concept, which is defined the same throughout the worldthe avoidance of wrong Flag question: Question 25Question 25Tips1 ptsWhich of the following statements about human rights is true?Group of answer choicesAny human right is also a legal right.Distributive justice is a human right.There is no time when it is appropriate to deny an individual his or her legal rights.Human rights are expressed in the U.S. Constitution.None of the above statements about individual rights is true. Flag question: Question 26Question 26Tips1 ptsWhich of the following is an example of an unethical business activity?Group of answer choicesThe employee uses the company computer to check his results in a network auction.The employee did not report his supervisor for taking several illegal deductions on his income tax report.The employee told several jokes that demeaned Polish people.The salesperson allowed the customer to believe that delivery would be within the next week when the salesperson knew that delivery was at least four weeks away.All of the above are examples of unethical business activities. Flag question: Question 27Question 27Tips1 ptsWhich of the following is an example of an ethical business activity?Group of answer choicesThe employee told several jokes that made fun of blonde women.The employee used the company postage meter to mail letters to her family.The employee reported to his supervisors that a co-worker had misappropriated company funds.The employee went to see a movie one afternoon when she was supposed to be making a sales call.The employee condoned a fellow employee's use of alcohol on the job. Flag question: Question 28Question 28Tips1 ptsOne of the keys to ethical business behavior is:Group of answer choiceshow many people near retirement age are in the companyhow many levels of organization does the business havethe perception of the company by its employeesthe number of rules, regulations, and guidelines the company hashow the company's top management conducts themselves