The demand for a factor of production depends on the:
a. supply of the factor.
b. supply of other factors of production.
c. demand for other factors of production.
d. demand for the products that it helps to produce.
d
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List three reasons why one type of labor may be paid more than another
What will be an ideal response?
The four principal factors that Adam Smith identified as contributing to economic growth are
a. size of the labor force, degree of labor specialization, size of the capital stock, and level of technology b. size of the labor force, degree of labor specialization, size of the capital stock, and natural resource base c. size of the labor force, degree of labor specialization, size of the capital stock and the age of the labor force d. quality of the labor force, degree of labor specialization, size of the capital stock, and level of technology e. size of the labor force, quality of the labor force, degree of labor specialization, and natural resource base