Labour productivity is defined as
Output per man/hour
Average output
The maximum number of hours worked
Total level of output
Correct answer is A
No explanation has been provided for this answer.
The additional revenue obtained by using one more unit of a factor is called its
Marginal product
Additional product
Marginal revenue product
Average product
Correct answer is C
No explanation has been provided for this answer.
One geographical location where people meet to buy and sell
The demand and supply of goods and services
A group of people whose sole interest is to make profit
Any organizational framework which links the buyers and sellers of a good and service
Correct answer is D
No explanation has been provided for this answer.
Which of the following best describes the concept of opportunity cost?
A special bargain or scale at below market price
Cost of input tends to go up as we use more of them
Goods that are not produced in order to produce more of another good
A cost that constantly decreases
Correct answer is C
No explanation has been provided for this answer.
Microeconomics
Macroeconomics
Production
Indifference curve
Correct answer is A
No explanation has been provided for this answer.