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11B5151B1 Flashcards | StudBud
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11B5151B1
11B5151B1
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1
An unlikely opportunity cost of investing $50,000 in new product development is
Not hiring an extra sales person for a year
Purchasing a luxury company car for the CEO
Not spending $50,000 on the promotion of an existing product
Securing a $50,000 loan from a bank
2
Which job does not belong in the tertiary sector?
Receptionist
Engineering
Banker
Real estate agent
3
The ________ sector is owned and controlled by governments.
Public
Private
Primary
Secondary
4
Delivery vans are an example of which type of factor input?
Finance
Capital
Labour
Machinery
5
Which is not a factor of production?
Human Resources
Land
Capital
Entrepreneurship
6
Which types of businesses do not operate in the tertiary sector?
Clothing and textiles
Banking and insurance
Security and protection
Hotels and tourism
7
In production, the difference between the costs of inputs and the price received for these is:
Sales revenue
Profit or loss
Added value
Income
8
Organisations operating in the secondary sector
Are labour intensive
Provide both goods and services
Manufacture goods
Have the largest employment sector in developed countries
9
In an economy, the primary sector consists of
New start-up enterprises
Fishing, farming and extracting minerals
Government utilities such as water and gas
Businesses requiring additional finance
10
The ________ sector of the economy is owned and controlled by individuals and companies.
Private
Primary
Secondary
Public
11
Resources used in production process are
Human capital resources
Working capital
Factors of production
Primary resources
12
Which is
not
classified as land when referring to factors of production?
Paper
Gas
Forestry
Corn
13
Finance - manages the preparation of accounts and is responsible for managing money
True
False
14
An advantage of specialisation does not include
The monotony of doingthe same job
Being able to mass produce products
Increases in productivity
Being more competitive
15
Who is the least specialised?
Labourer
Bus driver
Professional hockey player
Intellectual property lawyer
