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economics-Introduction to FOPs Quiz
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Master the fundamentals of microeconomics with this comprehensive guide, covering factors of production, marginal revenue product, economic rent, transfer earnings, and market structures. Ideal for students preparing for introductory quizzes and exams.

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  • October 11, 2024
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  • 2024/2025
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, 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.




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