A factor of production that can be used in any sector of an economy is a(an)
A) mobile factor.
B) specific factor.
C) variable factor.
D) import-competing factor.
E) export-competing factor.

Question

Quizplus · Accepted Answer

A mobile factor is a factor of production that can be easily used in any sector of the economy. It is not specific to any particular industry or sector. Examples of mobile factors include labor, capital, and technology. Specific factors, on the other hand, are factors of production that are specific to a particular industry or sector. Variable factors are those that can be varied in quantity in the short run to affect production levels. Import-competing and export-competing factors are related to international trade and are not relevant to this question.

A Factor of Production That Can Be Used in Any