CAPE Economics Unit 1 · 2007 · Paper 2 · Question 6(b)
Explain the difference between the labour force and the potential labour force.
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Practise this questionOther parts of this question
- 6(a)Define the term 'value of the marginal product of labour'.[3 marks]
- 6(c)Distinguish between size and functional income distribution and classify these distributions.[8 marks]
- 6(d)(i)State the earnings received by each of the four economic factors of production.[9 marks]
- 6(d)(ii)Name the economic reward accruing to each factor of production.[4 marks]
- 6(d)(iii)Indicate the percentage of total revenue earned by each factor of production.[4 marks]
- 6(e)(i)Distinguish between transfer earnings and economic rent.[6 marks]
- 6(e)(ii)Calculate the economic rent John earns if his minimum acceptable return for his personal inputs is 15% of revenues.[4 marks]
More practice: the rest of this paper · more The Demand for and Supply of Factors questions · all CAPE Economics Unit 1 past papers