AP (Advanced Placement) Microeconomics: Questions 379 - 381 of 398

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Question 379

Appeared in Year: 2016 (NET)

Question

MCQ▾

The opportunity cost of a factor of production is

Choices

Choice (5)Response

a.

what has to be paid to retain it in its present use.

b.

what it is earning its present uses.

c.

what it can earn in total other uses.

d.

what it can earn in the long period.

e.

Question does not provide sufficient data or is vague

Question 380

Appeared in Year: 2016 (NET)

Question

MCQ▾

In a centrally planned economy, the factor of production

Choices

Choice (5)Response

a.

Are owned by the govt and the welfare of the people are left to the market process.

b.

Are owned by the govt and the welfare of the people is the prime concern.

c.

Are determined by the market process and the welfare of the people are determined by the Govt.

d.

Are owned by the people and the market process determines the welfare of the people.

e.

Question does not provide sufficient data or is vague

Question 381

Appeared in Year: 2016 (NET)

Question

MCQ▾

Which one of the following is not a characteristic of labour as a factor of production?

Choices

Choice (5)Response

a.

Labour differs from labourer to labourer

b.

Labour has high bargaining power

c.

Labour is inseparable from the labourer

d.

Labour is perishable

e.

None of the above

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