1. The four factors of production are
a. labor, land, capital, and entrepreneurship.
b. wages, rent, dividends, and royalties.
c. educational attainment, work experience, seniority, and age.
d. effort, ability, timing, and luck
a. labor, land, capital, and entrepreneurship.
2. The labor force participation rate for women in the United States
a. has remained constant since the year 2000.
b. peaked in the year 2012.
c. has been lower than the labor force participation rate for men since 1948.
d. has been equal to the labor force participation rate for men since 1995.
b. peaked in the year 2012.
The correct answer is a. labor, land, capital, and entrepreneurship. To determine the answer, you can follow these steps:
1. Recall your knowledge about the factors of production. The factors of production are the resources that are used in the production of goods and services.
2. Identify the options given. Option a. labor, land, capital, and entrepreneurship, option b. wages, rent, dividends, and royalties, option c. educational attainment, work experience, seniority, and age, and option d. effort, ability, timing, and luck.
3. Determine which option includes the commonly recognized factors of production. Labor refers to the human effort used in production, land refers to natural resources such as land and water, capital refers to the physical and financial resources used in production, and entrepreneurship refers to the ability to organize and allocate resources to create new business ventures. Option a includes these four commonly recognized factors of production, so it is the correct answer.
Therefore, the correct answer is a. labor, land, capital, and entrepreneurship.