Theory of production questions | form five Economics

Distinguish between the following

1. Specific factor of production and Non-specific factor of production
2. Specialization by process and specialization by crft
3. Very short run period and Short run period
4. Production and productivity

Answer / Solution

UNSOLVED

Study carefully the following information of Kitwe Tea farm and answer the questions that follow. Assume Land is fixed.

1. Fill in the blank spaces.
2. Draw a marginal product curve and show the areas where the farm experiences
   returns to scale.

Answer / Solution

UNSOLVED

What are the main forms of intervention taken by the Tanzania government to control economic activities?

Answer / Solution

UNSOLVED

1. Distinguish time rate system from piece rate system.
2. Provide four advantages and four disadvantages of time rate system.
3. Provide four advantages and four disadvantages of piece rate system.

Answer / Solution

UNSOLVED

Briefly describe five factors that determine real wages.

Answer / Solution

UNSOLVED