1.Factors of production are A.goods and services. B.used to make goods and servi
ID: 1165749 • Letter: 1
Question
1.Factors of production are
A.goods and services.
B.used to make goods and services
C.purchased by the consumer for personal use.
D.sold by the consumer for income.
E.the property of firms.
2.The worker productivity of Cutie Cupcakes is presented in the following table. Use the table to answer the following questions:
Cupcakes previously sold for $3 and now sell for $5. The number of workers that Cutie Cupcakes hires will
A.fall.
B.remain unchanged, but employees will have to work overtime.
C.increase
D.stay the same
E.increase indefinitely.
Quantity of Workers 100 200 300 400 Quantity of Output 650 950 1,150 1,200Explanation / Answer
A. Fall
explanation- since price has increased, so quantity of ouput required to genertate same revenue will decrease. This means less workers will be required for production.
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