Question

Which statement is false? 1 land is the primary factor of production used in the production of all goods and services. 2 an entrepreneur combines all the factors of production. 3 growth in the economy shifts the ppc left. 4 an economy is efficient if it maximizes utilization of all the available scarce resources.

Answer 1

The correct answer is figure 3. There are four basic factors of production, land is one of them. The other three are capital, entrepreneurship and labor. Land is a natural resources that has already been put in place by nature, it is a free gift of nature. Other features of land include the following: it is fixed in quantity, it is fixed in quantity and it is immovable.