460343
Description
Quiz by eloise.drake, updated more than 1 year ago
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Created by eloise.drake
almost 11 years ago
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Question 1
Question
What is the basic economic problem?
Answer
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Scarcity
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Debt
Question 2
Question
What is opportunity cost?
Answer
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The next best alternative forgone
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A limited resource
Question 3
Question
What are the 4 factors of production?
Answer
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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
Question 4
Question
Specialisation is.... the process in which individuals, firms and countries focus on just one area of production.
Answer
- True
- False
Question 5
Question
Does division of labor decrease productivity?
Answer
- True
- False
Question 6
Question
The advantages of specialisation are? (3)
Answer
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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
Question 7
Question
What are the disadvantages of specialisation? (3)
Answer
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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
Question 8
Question
What is a PPF?
Answer
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A diagrammatic illustration if the concept of scarcity
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Production Possibility Frontier
Question 9
Question
The PPF shows the production potential of an economy given existing resources
Answer
- True
- False
Question 10
Question
Which diagram is correct
Answer
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Image:correct_ppf (image/png)
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Image:incorrect_ppf (image/png)
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