CAPE Economics Unit 1 · 2021 · Paper 2 · Question 3(a)(ii)
Define the term 'marginal revenue product'.
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- 3(a)(i)Define the term 'marginal physical product'.[2 marks]
- 3(b)(i)Explain how minimum wages can impact the pricing of labour (or wages).[3 marks]
- 3(b)(ii)Explain how industrial action can impact the pricing of labour (or wages).[3 marks]
- 3(b)(iii)Explain how collective bargaining can impact the pricing of labour (or wages).[3 marks]
- 3(c)(i)Discuss how unemployed human resources could affect the economic costs of poverty.[4 marks]
- 3(c)(ii)Discuss how inefficiency of government spending could affect the economic costs of poverty.[4 marks]
- 3(c)(iii)Discuss how environmental degradation could affect the economic costs of poverty.[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