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WAEC Economics 2011 Question 18

Question 18

Theory of Production

The resources used in production are called

  1. A.variable inputs.
  2. B.factors of production.
  3. C.capital for production.
  4. D.fixed inputs.
Show the answer and explanation

Answer: B (factors of production.)

Explanation

Land, labour, capital and entrepreneurship are the factors of production.