객관식
Which of the following is NOT one of the four principal determinants of wages?
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0. Basic Principles of Economics
Factors of Production
객관식
In the context of factors of production, which of the following best describes the quantity of money supplied?
A
It is directly determined by the amount of labor employed in the economy.
B
It is a fixed factor of production like land.
C
It is determined by the central bank and is not considered a factor of production.
D
It is determined by the marginal productivity of capital.
검증된 단계별 안내1
Step 1: Understand the concept of 'factors of production' in microeconomics. These typically include land, labor, capital, and entrepreneurship, which are inputs used to produce goods and services.
Step 2: Recognize that the 'quantity of money supplied' refers to the total amount of money available in the economy, which is controlled by monetary authorities, not by production inputs.
Step 3: Analyze each option in the context of factors of production: labor and capital are factors of production, but money itself is not a productive input; it is a medium of exchange.
Step 4: Recall that the central bank controls the money supply through monetary policy tools such as open market operations, reserve requirements, and interest rates, independent of labor or capital productivity.
Step 5: Conclude that the quantity of money supplied is not a factor of production but is determined by the central bank, making the correct description the one stating that money supply is controlled by the central bank and is not considered a factor of production.
