CSEC Economics · May/June 2007 · Paper 2 · Question 3(a)
Define a 'production possibility curve'.
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- 3(b)Identify THREE advantages of the division of labour.[3 marks]
- 3(c)With reference to the sugar industry, distinguish between 'primary' and 'secondary' factors of production.[4 marks]
- 3(d)If the quantity of capital available for production in your country increases but labour remains fixed, would the law of diminishing returns still operate?…[6 marks]
More practice: the rest of this paper · more Scarcity, Choice, and Opportunity Cost questions · all CSEC Economics past papers