Micro Economics

eloise.drake
Quiz by , created almost 6 years ago

A Levels Economics Quiz on Micro Economics, created by eloise.drake on 01/02/2014.

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eloise.drake
Created by eloise.drake almost 6 years ago
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Question 1

Question
What is the basic economic problem?
Answer
  • Scarcity
  • Debt

Question 2

Question
What is opportunity cost?
Answer
  • The next best alternative forgone
  • A limited resource

Question 3

Question
What are the 4 factors of production?
Answer
  • Enterprise, Labor, Capital, Money
  • Land, Labor, Enterprise, Money
  • Money, Enterprise, Capital, Land
  • 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
  • Increased productivity
  • Reduces time spent on tasks
  • Increases worker morale and motivation
  • Makes it easier to train workwes
  • Increases worker flexability

Question 7

Question
What are the disadvantages of specialisation? (3)
Answer
  • It facilitates the use of automation
  • Decreases worker morale
  • Can result in a fall in staff productivity
  • Increases time spent on tasks
  • Worker flexibility drcreases

Question 8

Question
What is a PPF?
Answer
  • A diagrammatic illustration if the concept of scarcity
  • 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