Division of labour can be defined as:

workers specialise on just one task and become more efficient at it

Making choices is necessary in all economic systems because:

unlimited wants & scarce resources forces the us to decide what to produce

If I buy a book for $10 then the opportunity cost is:

the benefit lost from not being able to consume the next best option

Which of these is the best definition of the ‘economic problem’?

There are not enough resources to satisfy people’s unlimited wants

One of the benefits of specialisation is:

output and efficiency increases

One of the drawbacks to specialisation is that:

workers can become bored through only concentrating on one job

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Business Y10 Unit 1 quiz

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Questions 10

Answers

1
Division of labour can be defined as:
all firms only have one worker so jobs are divided between the firms
no workers are employed as machines always do all the work
workers become specialist in all jobs
workers specialise on just one task and become more efficient at it
2
Which of the following is NOT Capital
Money kept at home
Sewing machine in a tailor's shop
Loan taken by a business
Laptop used by a software engineer at his office
3
Which of the following is not a factor of production?
Music CDs
Skilled labour
Factory buildings
Oil reserves
4
Making choices is necessary in all economic systems because:
unlimited wants & scarce resources forces the us to decide what to produce
the government has so much money that it does not know what to do with it
there are many resources compared to people’s needs that we have to choose
there are so many products that we cannot use them all at once
5
If I buy a book for $10 then the opportunity cost is:
everything else I could have bought with the $10
the benefit gained from buying the book
the benefit lost from not being able to consume the next best option
$10
6
Which of these is the best definition of the ‘economic problem’?
People do not have enough money
There are not enough resources to satisfy people’s unlimited wants
There are not enough wants for the unlimited resources to satisfy
There are too many factors of production
7
Blue collared workers receive salary
False
True
8
One of the benefits of specialisation is:
output and efficiency increases
no machinery is used which saves on business costs
workers are able to undertake a range of tasks
workers do not have to spend time training to do a particular task
9
One of the drawbacks to specialisation is that:
output and efficiency falls
workers spend time on training to do several different jobs
no machinery is used and this slows down production
workers can become bored through only concentrating on one job
10
Opportunity cost arises because of the basic economic problem
False
True

Business Y10 Unit 1 quiz Flashcards | StudBud