Economics 1.1

?

1. What is division of labour?

  • Dividing staff into groups that each have different managers above them.
  • Dividing the production process into stages where machinery can replace staff.
  • Dividing the production process into different stages, enabling workers to focus on specific tasks.
  • Dividing staff into groups that focus on the production process.
1 of 15

Other questions in this quiz

2. Which of these are not an alternative view of consumer behaviour?

  • Mathematical Confusion
  • Jealousy
  • Habitual behaviour
  • Influence of other people

3. What is utility?

  • The satisfaction gained from the consumption of a good/service.
  • The satisfaction gained from the production of merit goods.
  • The satisfaction gained from the production of a good/service.
  • The satisfaction gained from efficiency in the production process.

4. What is the basic economic problem?

  • The drain on resources as populations around the world increase.
  • People's wants are unlimited but resources to satisfy these wants are limited.
  • The growing consumption of the human race.
  • The opportunity cost of a production decision.

5. Which of these is not a characteristic of a command economy?

  • Inefficient
  • Less utility gained from consumption.
  • Bigger wealth equality
  • Government controlled resources
View more questions

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Social Science resources »