Factors of Production
Quiz by Katy Perkins
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
12 questions
Show answers
- Q1____________________________ is the total value of all the goods and services produced in that country in one year.Total National Product (TNP)Gross National Income (GNI)Total National Income (TNI)Gross Domestic Product (GDP)120s
- Q2The ___________ a country’s GDP, the better the country’s standard of living.higherlower120s
- Q3The four factors that lead to a country’s economic growth are __________________, natural resources, human capital, and entrepreneurship.educational skillscapital goodsgifts of naturemachinery120s
- Q4Why is it beneficial for a country to have many natural resources?A country does not have to specialize if it has its own natural resourcesA country cannot buy natural resources from other countriesA country is better off if it can use its own resources instead of importing themA country benefits most from trading with other countries for natural resources120s
- Q5What does human capital mean?People who provide the money to start and operate a business are called entrepreneursThe skills, talents, education, and abilities that human workers possessAll the goods that are produced in the country and then used to make other goods & servicesAll of the things found in or on the earth120s
- Q6Why should countries invest in developing human capital?Their citizens are more likely to work for the governmentTheir citizens will have a more valuable workforce that produces more goods & servicesTheir citizens are less likely to travel to other countries for jobsTheir citizens won't need to specialize in any industry120s
- Q7What are capital goods?All of the goods that are produced in the country and then used to make other goods & servicesAnything that is naturally produced in or on the earthPeople who provide the money to start & operate a businessThe skills, talents, education, & abilities that human workers possess120s
- Q8Why should countries invest in developing capital goods?The more capital goods a country has, the more human capital it can developThe more capital goods a country has, the more goods & services they are able to produceThe more capital goods a country has, the less natural resources it needsThe more capital goods a country has, the less likely it is to have to specialize120s
- Q9What do entrepreneurs do?Bring together natural, human, and capital resources to produce goods or servicesRun a business as the chief executive officerInvest in new start-up businessesOwn shares in a globally competitive company120s
- Q10How does entrepreneurship influence economic growth?Entrepreneurs invest in businessesEntrepreneurs serve as advisers for new businessesEntrepreneurs influence the direction of many businessesEntrepreneurs create jobs120s
- Q11Which of the following two countries have made strong investments in human capital?Russia and the UKGermany and the UKGermany and Russia120s
- Q12Because the government of the Soviet Union did not invest much in human capital or capital goods, what has Russia experienced?More jobs in new industriesNew opportunities for entrepreneurs to start businesses quicklySlow economic growthTechnological breakthroughs120s