When a worker changes from one type of job to another, it is called
Geographical mobility of labour
Occupational mobility of labour
Immobility of labour
Rural-urban migration
Correct answer is B
No explanation has been provided for this answer.
When all factors input are reduced by half, the production possibility curve will shift
Outwards
Inwards
Downwards
Upwards
Correct answer is B
No explanation has been provided for this answer.
The production factor, whose entire world supply is fixed is
Land
Skilled labour
Capital goods
Entrepreneur
Correct answer is A
No explanation has been provided for this answer.
The concept of opportunity cost is important to the firm because it
Determines the price of the firms products
Increases the level of output of the firm
Leads to maximum satisfaction of the consumers
Guides firms in allocating scarce resources
Correct answer is D
No explanation has been provided for this answer.
The remuneration of the entrepreneur as a factor of production is called
Wages
Salary
Interest
Profit
Correct answer is D
No explanation has been provided for this answer.