Q15 of 0455_s20_qp_12

Question 15

Question 15 of 30

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No letter options?

Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.

A 1, 2 and 3 are correct

B 1 and 2 only are correct

C 2 and 3 only are correct

D 1 only is correct

Topics Tested

3. Microeconomic decision...

3.6. Firms and production

Influences to include demand for the product, the price of different factors of production, their availability and their productivity. The reasons for adopting the different forms of production and their advantages and disadvantages. The difference between, and influences on, production and productivity.

3. Microeconomic decision...

3.5. Firms

How internal and external economies and diseconomies of scale can affect a firm/industry as the scale of production changes.

1. The basic economic pro...

1.2. The factors of production

Definitions and examples of land, labour, capital and enterprise. Examples of the nature of each factor of production. The influences on the mobility of the various factors. The causes of changes in the quantity and quality of the various factors.