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Economics

Economics · Quick practice · answer shown after each question

Production

Question 1 of 10

Question 1 of 10

The production function Q = f(L, K) shows

Question 2 of 10

Question 2 of 10

Returns to scale refer to changes in output when

Question 3 of 10

Question 3 of 10

Tertiary production includes

Question 4 of 10

Question 4 of 10

The reward for labour as a factor of production is

Question 5 of 10

Question 5 of 10

10 workers produce 250 bags. What is the average product of labour?

Question 6 of 10

Question 6 of 10

Breaking production into small tasks done by different workers is

Question 7 of 10

Question 7 of 10

Who organises the other factors of production and bears the risk?

Question 8 of 10

Question 8 of 10

Average product is

Question 9 of 10

Question 9 of 10

Production is complete when the goods

Question 10 of 10

Question 10 of 10

Capital as a factor of production refers to

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.