ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The price of machinery has increased.
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The productivity of labour has increased.
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The productivity of machinery has increased.
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The supply of labour has increased
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Detailed explanation-1: -(3.6) Which change will make a manufacturing company replace machines with labour to maintain the most efficient combination of factors of production? The price of the product manufactured has increased.
Detailed explanation-2: -Capital refers to all manmade resources used in the production process. It is a produced factor of production. It includes factories, machinery, tools, equipment, raw materials, wealth etc.
Detailed explanation-3: -Labor is the human effort that can be applied to the production of goods and services. Labor’s contribution to an economy’s output of goods and services can be increased either by increasing the quantity of labor or by increasing human capital.
Detailed explanation-4: -The correct answer is Revenue generated after production. According to economic theory, there are four main factors of production-land, labour, capital, and entrepreneurship. They are the inputs needed for supply. They produce all the goods and services in an economy.