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Which of the following is a characteristic of the factors of production?

  • Question 5b of 10 - Factors of production

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following is a characteristic of the factors of production?
  • Answers:
  1. Scarcity
  2. Elasticity
  3. Non-excludability
  4. Shortage

The correct answer is: scarcity. Land, labor, and capital are scarce, which is why allocation decisions need to be made.

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