What is opportunity cost?

The next best alternative forgone

What are the 4 factors of production?

Capital, Land, Enterprise, Labor

Enterprise, Labor, Capital, Money

Money, Enterprise, Capital, Land

Makes it easier to train workwes

Increases worker morale and motivation

Can result in a fall in staff productivity

It facilitates the use of automation

A diagrammatic illustration if the concept of scarcity

Production Possibility Frontier

Quiz

eloise.drake 10 questions 4.0 (1 rating)

Take the quiz

1What is the basic economic problem?
1. AScarcity
2. BDebt
2What is opportunity cost?
1. AThe next best alternative forgone
2. BA limited resource
3What are the 4 factors of production?
1. AEnterprise, Labor, Capital, Money
2. BLand, Labor, Enterprise, Money
3. CMoney, Enterprise, Capital, Land
4. DCapital, Land, Enterprise, Labor
4Specialisation is.... the process in which individuals, firms and countries focus on just one area of production.
1. ATrue
2. BFalse
5Does division of labor decrease productivity?
1. ATrue
2. BFalse
6The advantages of specialisation are? (3)
1. AIncreased productivity
2. BReduces time spent on tasks
3. CIncreases worker morale and motivation
4. DMakes it easier to train workwes
5. EIncreases worker flexability
7What are the disadvantages of specialisation? (3)
1. AIt facilitates the use of automation
2. BDecreases worker morale
3. CCan result in a fall in staff productivity
4. DIncreases time spent on tasks
5. EWorker flexibility drcreases
8What is a PPF?
1. AA diagrammatic illustration if the concept of scarcity
2. BProduction Possibility Frontier
9The PPF shows the production potential of an economy given existing resources
1. ATrue
2. BFalse
10Which diagram is correct
1. A
2. B

Description: A Levels Economics Quiz on Micro Economics, created by eloise.drake on 02/01/2014.
Author: eloise.drake
Language: English
Views: 176
Tags: a levels economics micro economics business economics a levels
Rating: 4.0 out of 5 · 1 rating
Rate this quiz
Rate this quiz