Why does the MRP slope downwards?

The law of diminishing returns & Law of demand

so specialised it doesn't have many different uses

FOP demanded for its contribution to the production process

Labour Hoarding is when a firm continues to....

employ labour even when not profitable

The MRP is of a factor is the...

extra revenue earned when an extra unit if a FOP is employed

Occupational Mobility is....

The ease that a FOP can move from one occupation to another

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Factors of Production

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Leaving Cert Economics

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Questions 10

Answers

1
Why does the MRP slope downwards?
Labour Hoarding & Law of demand
The law of diminishing returns & Law of equity progression
The law of diminishing returns & capital outlay
The law of diminishing returns & Law of demand
2
Which of the following DOES NOT influence the MPP?
Training & Education
The productivity of the factor
Expertise of the owner
Specialised nature of the factor
3
Land is.....
Combination of other factors
Anything supplied by nature
Anything man made
Production of Human activity
4
The downward sloping section of the MRP curve is the demand curve for....
Enterprise
Labour
Land
Capital
5
Specific factors...
so specialised it has many different uses
not as specialised as other FOP
so specialised it doesn't have many different uses
so specialised it has no different uses
6
Derived Demand?
FOP demanded for the sake if it
FOP demanded for its contribution to capital
FOP demanded for its contribution to the production process
FOP demanded for economic development
7
Labour Hoarding is when a firm continues to....
employ labour even when profitable
employ labour even when not profitable
Hire no additional staff during busy periods
not employ labour during recession
8
The supply price of a factor of production is the minimum payment necessary to bring a ________
Factor into use
Equity into use
Law of demand into use
Capital into use
9
The MRP is of a factor is the...
extra revenue earned when extra unit if aFOP is not employed
extra revenue earned with an extra capital allocation
The total net contribution to revenue
extra revenue earned when an extra unit if a FOP is employed
10
Occupational Mobility is....
The ease that a FOP can move from one country to another
The ease that a FOP can relocate from one country to another
A doctor moving to spain
The ease that a FOP can move from one occupation to another

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