460343
Beschreibung
Quiz von eloise.drake, aktualisiert more than 1 year ago
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Erstellt von eloise.drake
vor mehr als 10 Jahre
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Frage 1
Frage
What is the basic economic problem?
Antworten
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Scarcity
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Debt
Frage 2
Frage
What is opportunity cost?
Antworten
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The next best alternative forgone
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A limited resource
Frage 3
Frage
What are the 4 factors of production?
Antworten
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Enterprise, Labor, Capital, Money
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Land, Labor, Enterprise, Money
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Money, Enterprise, Capital, Land
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Capital, Land, Enterprise, Labor
Frage 4
Frage
Specialisation is.... the process in which individuals, firms and countries focus on just one area of production.
Antworten
- True
- False
Frage 5
Frage
Does division of labor decrease productivity?
Antworten
- True
- False
Frage 6
Frage
The advantages of specialisation are? (3)
Antworten
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Increased productivity
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Reduces time spent on tasks
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Increases worker morale and motivation
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Makes it easier to train workwes
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Increases worker flexability
Frage 7
Frage
What are the disadvantages of specialisation? (3)
Antworten
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It facilitates the use of automation
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Decreases worker morale
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Can result in a fall in staff productivity
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Increases time spent on tasks
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Worker flexibility drcreases
Frage 8
Frage
What is a PPF?
Antworten
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A diagrammatic illustration if the concept of scarcity
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Production Possibility Frontier
Frage 9
Frage
The PPF shows the production potential of an economy given existing resources
Antworten
- True
- False
Frage 10
Frage
Which diagram is correct
Antworten
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Image:correct_ppf (image/png)
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Image:incorrect_ppf (image/png)
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