**Question:**A teacher is an example of: *- an entrepreneur.- labor.- land.- capital.**Explanation:**This question tests the understanding of economic resources, specifically focusing on the classification of different roles in the economic framework. In this context, a teacher is typically considered an example of "labor," as they provide services through their knowledge and skills in the educational sector. The options provided relate to the factors of production: entrepreneurship, labor, land, and capital. The correct classification involves understanding how each factor contributes to economic activity.

Factors of production are those which is used in the production process. This includes:- • land •…

Answered: A teacher is an example of: * an…

Business

Economics

A teacher is an example of: * an entrepreneur.. O labor. Oland. capital.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Shows the lowest possible input costs (combinations of labour and capital) at which different levels…

A: The firms, and businesses are considered to be the important entities in the markets, as they assist…

Q: Which of the following is non-rivalrous and does not have to suffer from diminishing returns? O a.…

A: Diminishing returns define the phenomenon where the marginal output of a production factor decreases…

Q: Human capital refers to society’s understanding of the best ways to produce goods and services.

A: ‘Human capital’ refers to the compilation of ‘skills’, ‘education’ , ‘technical’ & ‘process…

Q: explain the importance of production function and how can we enhance the productivity of a factor.

A: The production function is the mathematical function that shows the relationship between the input…

Q: Number of students Hired 10 2 3 4 5 Output 10 100 240 300 Marginal Product of Labour 80 40 Cost of…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: An example of physical capital is a) an educated worker. O b) fertile farmland. Oc) international…

A: Physical capital is the stock of equipment and structures that are used to produce goods and…

Q: Canadian rice producers use a combination of land and labour and try to minimise costs. If the…

A: The Canadian rice producers use a combination of land and labour and try to minimise costs. If the…

Q: During short period, diminishing returns may follow because

A: To find : What results in following diminishing results.

Q: Which type of worker would earn the high income but has lesser marginal productivity? a.Fashion…

A: At the marketplace, it can be seen that different occupation provide different range of income to…

Q: What is the following explain why the United States has historically had a large number of…

A: The United States has historically had a large number of entrepreneurs due to various factors such…

Q: using classical production function explain the stages of production of a firm and advise on the…

A: The process that is known to minimize the amount of waste and helps in bringing the product in a…

Q: An industry consists of 50 firms with equal sales. What is the HHI? a. 50 b. 200 c. 400 d. 800 e.…

A: The Herfindahl-Hirschman Index is an index that is used to measure the size of the firms in relation…

Q: A firm is defined as a a president, some vice presidents, and some employees. b. any organization…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Productivity is O A. the value of profit divided by the number of production workers O B. the value…

A: Hello, thank you for the question. Since there are multiple questions asked here, only the first…

Q: The movement from A to E in the Figure illustrates: a decline in capital per labour. zero returns to…

A: A production function is a mathematical concept that illustrates the connection between the amount…

Q: Suppose that an economy produces 1400 units of output, employing 20 units of input, and the price of…

A: In an economy, productivity refers to the ability of the input resources to producer l or generate…

Q: Distinguish between the following and show their importance in production theory both in terms of…

A: The short run is the time period during which some factors of production (input) are fixed and some…

Q: What is opportunity cost? As scarce resource, financial capital has opportunity cost. What…

A: Opportunity cost is associated with almost every resource used by individuals when making social and…

Q: Explain the process of accumulation as Smith and Marx saw it (Note: The descriptions by Smith and…

A: Since you have asked multiple questions, we will answer the first-two parts for you. If you want any…

Q: a. Calculate the labor productivity of both Archer Contracting and Bronson Con- struction. Who is…

A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Which of the following explains the slope of the demand curve for labor? a. the marginal…

A: Law of diminishing marginal productivity states that the marginal production from the additional…

Q: A firm’s quantity of output is 10 units. The price of labor is $25 per unit and the price of capital…

A: "Firms/Businesses/Producers produce commodities and services to satisfy the demand of consumers.…

Q: The diagram to the right contains isocost lines A and B. If the price of labour is the same for both…

A: Isocost line shows different combination of two inputs that firm can purchase using given budget…

Q: he concept and give other applications of the learning curve. What does 90 percent learning curve…

A: A learning curve refers to the graph that shows the relation between the performance of the learner…

Q: Which of the following is an example of capital as a factor of production?

A: Inputs used in the production of goods and services are known as factors of production. There are…

Q: A firm is defined as a. a president, some vice presidents, and some employees. b. any organization…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Marx argued that paradoxically, increased productivity would cause to rate of profit to _______ over…

A: Producing more goods and services (output) while using fewer resources (inputs) is a measure of…

Q: 66. Which of the following input factor takes risk, innovates and coordinates А. О Сapital B. O…

A: Option D Entrepreneur takes risk in business by allocating his capital and time, does innovation and…

Q: What is the difference between labor and human capital? How can human capital be increased?

A: A firm undertakes production for the purpose of earning profits. Production is made possible by the…

Q: 8. Chapter ma2pe09r, Section .02, Problem 011 (ID: 011.02.MANK09) In the circular-flow diagram,…

A: The circular flow diagrams describe the movement of money in a society. All combinations of circular…

Q: 5. Given Q = 10 K 04L00 a) Find the marginal productivity of capital and labour. b) If the company…

A: Note: There are two different questions posted together. Please post your questions separately.…

Q: 65. Which of the following is NOT an input? A. O Labour B. O Entrepreneurship C. O Natural resources…

A: As we know to produce something we need factors of production called input . And with the help of…

Q: The marginal productivity theory is used to assess how many units of a factor of production, such as…

A: (Q)The marginal productivity theory is used to assess how many units of a factor of production, such…

Q: Manisha could work for another firm making $10,000 per month, but she decides to open her own…

A: Economic profit or loss is the difference between the revenue received from the sale of an output…

Q: Land 1 1 1 1 1 1 1 1 1 Labor 0 1 2 3 4 5 6 7 8 a. The average production of three workers is b. The…

A: Since you have given multiple subparts questions, we will solve the first three subparts for you. If…

Q: WHICH OF THE FOLLOWING CONCEPTS OF PROFIT TAKES INTO ACCOUNT THE OPPORTUNITY COST OF CAPITAL A.…

A: The basic formula to determine pofit is: Profit=Total revenue-Total cost

Q: How can specialization lead to a division of labor for a business? O A. It guarantees that all…

A: When talking about specialization, it is the situation when a firm is specialized in the production…

Q: Using examples, explain ways in which the Production function has evolved

A: A production function is a mathematical tool that can be used to study the relationship between…

Q: 1. (Textbook problem 2, page 103) An economy has the production function Y=0.2(K+√N). In the current…

A: Production function : Y = 0.2 ( K + N0.5 ) K = 100 , N = 100

Q: 66. Which of the following input factor takes risk, innovates and coordinates A. O Capital B. O…

A: Entrepreneurs takes risks in terms of finance, innovate new ideas, and coordinate with their own…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Discuss the concept of production theory. Relate it to goals of minimizing the loss and maximizing profitability
If more and more labor is employed while keeping all other inputs constant, the marginal physical productivity of labor a. will eventually increase. b. will eventually decrease. c. will eventually remain constant. d. cannot tell from the information provided.
Suppose the production function is given by Q=K1/2L1/2, and that Q=30 and K = 36. How much labor isemployed by the firm?A. 49 B.6 C.36 D.25
How does the slope of the production function illustrate diminishing returns? The slope of the production function becomes steep as the quantity of increases because of diminishing returns. A. more; capital B. more; labor O C. less; labor D. less; capital Click to select your answer. MacBook Air 吕0 000 000 FS F4 F3 esc F2 F1 % #
explain briefly 3 significant business objectives. analyse the extent to which the use of labour contributes to the achievement of the business objectives
а. Discuss the following statements: i. The second stage of production is the optimal one for a firm i. A lot of firms in the real world are not perfect ii. Cobweb theory does not apply in the real life situations
An example of a short-run fixed factor of production is.....a. postage for mailing.b. electricity.C. labor.d. capital equipment.
What is meant by technological advance, as broadly defined? How does technological advance enter into the definition of the very long run? Which of the following are examples of technological advance, and which are not: an improved production process; entry of a fifirm into a profifi table purely competitive industry; the imitation of a new production process by another fifirm; an increase in a fifi rm’s advertising expenditures?
Please answer fast please help both the question
QUESTION 5 Timothy own a Subway franchise. He used flour, oil, seasoning and oven to bake the bread for sandwich. Oven in this case is an example of O a. labor. O b. human capital. Oc. physical capital. O d. natural resources.
Explanation it correctly
2. Capital A F E G B D Labor If the firm wants to produce the output level represented by the isoquant Qo, would you recommend production at point E or F or G? Please explain.