The four agents of production are land, ________, capital, and _____________.

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $25.99Unlock all

Prepare for the McKissock Basic Appraisal Principles Test. Study with comprehensive flashcards and thorough multiple choice questions. Each question offers hints and detailed explanations to enhance your readiness for the certification exam!

Multiple Choice

The four agents of production are land, ________, capital, and _____________.

Explanation:
The four fundamental factors of production are land, labor, capital, and entrepreneurship (the ability to organize, manage resources, and take risks). In this sentence, the blank after land should be filled with labor, and the final blank should be filled with entrepreneurship. That yields land, labor, capital, and entrepreneurship—the standard quartet. The other fillings either omit entrepreneurship, duplicate an existing factor, or misplace the factors, making them inconsistent with the established list.

The four fundamental factors of production are land, labor, capital, and entrepreneurship (the ability to organize, manage resources, and take risks). In this sentence, the blank after land should be filled with labor, and the final blank should be filled with entrepreneurship. That yields land, labor, capital, and entrepreneurship—the standard quartet. The other fillings either omit entrepreneurship, duplicate an existing factor, or misplace the factors, making them inconsistent with the established list.

More Multiple Choice Questions
Subscribe

Get the latest from Passetra

You can unsubscribe at any time. Read our privacy policy