, Business - economics II of VI pages
Circle the letter of the Answer that corresponds to the displayed Question.
1. Define transfer earnings?
A: Combines/organises the other factors of production, takes the initiative and risk in setting up a
B: Anything supplied by nature used in the production of goods and services to create wealth.
C Is the earnings of a factor in the next best alternative employment.
D: The ease with which a factor can move from one area to another.
2. Define Capital?
A: MPP X MR = MRP
B: The ease with which a factor of production can move from one occupation to another.
C: The productivity of the factor, the MR/selling price of the output, the law of demand.
D Anything man-made used in the production of goods and services to create wealth?
3. State the factors that influence MPP?
A Quality/Specialised nature of the factors, training/ education provided for the factors, expertise of the
B: Anything man-made used in the production of goods and services to create wealth?
C: The ease with which a factor of production can move from one occupation to another.
D: MPP X P = MRP
4. Name the return/payment for each of the factors of production?
A: Is the minimum payment necessary to bring a factor into use and maintain it in that particular use.
B: A factor of production which can have many different uses.
C Rent, wages, interest, profit, loss.
D: Anything man-made used in the production of goods and services to create wealth?
5. Define marginal revenue productivity?
A: Is the extra output produced when an additional unit of a factor of production is employed.
B: MPP X MR = MRP
C Is the extra revenue earned when an additional unit of a factor is employed.
D: The ease with which a factor can move from one area to another.
6. State the factors that influence MRP?
A: Anything man-made used in the production of goods and services to create wealth?
B: A factor of production which can have many different uses.
C: Shortage in the supply of any FOP, possession of a rare skill/talent, rent of ability, complelety specific
D The productivity of the factor, the MR/selling price of the output, the law of demand.
Business - 2024/25 2024/2025 Edition
Circle the letter of the Answer that corresponds to the displayed Question.
1. Define transfer earnings?
A: Combines/organises the other factors of production, takes the initiative and risk in setting up a
B: Anything supplied by nature used in the production of goods and services to create wealth.
C Is the earnings of a factor in the next best alternative employment.
D: The ease with which a factor can move from one area to another.
2. Define Capital?
A: MPP X MR = MRP
B: The ease with which a factor of production can move from one occupation to another.
C: The productivity of the factor, the MR/selling price of the output, the law of demand.
D Anything man-made used in the production of goods and services to create wealth?
3. State the factors that influence MPP?
A Quality/Specialised nature of the factors, training/ education provided for the factors, expertise of the
B: Anything man-made used in the production of goods and services to create wealth?
C: The ease with which a factor of production can move from one occupation to another.
D: MPP X P = MRP
4. Name the return/payment for each of the factors of production?
A: Is the minimum payment necessary to bring a factor into use and maintain it in that particular use.
B: A factor of production which can have many different uses.
C Rent, wages, interest, profit, loss.
D: Anything man-made used in the production of goods and services to create wealth?
5. Define marginal revenue productivity?
A: Is the extra output produced when an additional unit of a factor of production is employed.
B: MPP X MR = MRP
C Is the extra revenue earned when an additional unit of a factor is employed.
D: The ease with which a factor can move from one area to another.
6. State the factors that influence MRP?
A: Anything man-made used in the production of goods and services to create wealth?
B: A factor of production which can have many different uses.
C: Shortage in the supply of any FOP, possession of a rare skill/talent, rent of ability, complelety specific
D The productivity of the factor, the MR/selling price of the output, the law of demand.
Business - 2024/25 2024/2025 Edition
