Suppose that a college professor is creating an exam in her university office. Which of the following would be an example of a factor of production used by the professor? (i)
The professor's time
(ii)
A computer software program into which the professor types the exam questions
(iii)
The physical space of the professors office where she works when creating the exam
(iv)
The interest on the professor's home mortgage
A)(i) only
B)(i) and (ii) only
C)(i), (ii), and (iii) only
D)(i), (ii), (iii), and (iv)

Question

Quizplus · Accepted Answer

Factors of production include resources used in the creation of goods and services. The professor's time, the computer software, and the physical office space are all resources used in creating the exam. The interest on the home mortgage is not directly related to the production of the exam.

Suppose That a College Professor Is Creating an Exam in Her