460343
Descrição
Quiz por eloise.drake, atualizado more than 1 year ago
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Criado por eloise.drake
mais de 10 anos atrás
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Questão 1
Questão
What is the basic economic problem?
Responda
-
Scarcity
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Debt
Questão 2
Questão
What is opportunity cost?
Responda
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The next best alternative forgone
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A limited resource
Questão 3
Questão
What are the 4 factors of production?
Responda
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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
Questão 4
Questão
Specialisation is.... the process in which individuals, firms and countries focus on just one area of production.
Responda
- True
- False
Questão 5
Questão
Does division of labor decrease productivity?
Responda
- True
- False
Questão 6
Questão
The advantages of specialisation are? (3)
Responda
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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
Questão 7
Questão
What are the disadvantages of specialisation? (3)
Responda
-
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
Questão 8
Questão
What is a PPF?
Responda
-
A diagrammatic illustration if the concept of scarcity
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Production Possibility Frontier
Questão 9
Questão
The PPF shows the production potential of an economy given existing resources
Responda
- True
- False
Questão 10
Questão
Which diagram is correct
Responda
-
Image:correct_ppf (image/png)
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Image:incorrect_ppf (image/png)
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