A-LevelEconomicsFactor Markets and Distribution of IncomeMay/June 2017Paper 3 Q161 Mark
What is defined as 'the payment made to a factor of production over and above that necessary to keep the factor in its present use'? A economic rent B normal profit C opportunity cost D transfer earnings
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The correct answer is —. This question tests the candidate's understanding of factor markets and distribution of income within the Economicssyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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