Question

An economy's factors of production and its production function determine the economy's:_______. a. labor force participation rate. b. population growth rate. c. budget surplus or deficit. d. output of goods and services.

Answer 1

Answer:D.Output of goods and service

Explanation:

Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country", whether consumed or used for further production. The concept of national output is essential in the field of macroeconomics.

Answer 2

Answer:

d. output of goods and services.

Explanation:

According to the economists the economy's factors of production can be divided into four which are:

-Land

-Capital

-Labour

-Entrepreneurship

all this factors listed above can be used in determining the economy's output of goods and services. How can this be achieved, let's take for an example land, you can find so many resources embedded in land that be exchanged in form of goods and services example of such resources are coal, natural gas, trees, water e.t.c.