This quiz works best with JavaScript enabled. Home > Economics > Production > Productivity > Productivity – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Productivity Quiz 3 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A disadvantage of flow production is A) Mass produced products are of poor quality. B) There must be a constant demand for the products. C) Materials can arrive at anytime. D) Quality control is difficult. Show Answer Correct Answer: B) There must be a constant demand for the products. 2. In a capitalist, market, or free-enterprise economy, which of the following answers the three basic economic questions? A) The government. B) The churches. C) The economic experts. D) The markets. Show Answer Correct Answer: A) The government. 3. The conversion of factors of production into goods and services A) Product. B) Production. C) Economic growth. D) Productivity. Show Answer Correct Answer: B) Production. 4. What economic term describes the rate at which products are manufactured? A) Profitability. B) Productivity. C) Resource management. D) Efficiency. Show Answer Correct Answer: D) Efficiency. 5. When markets or governments make economic decisions about what goods and services their resources will be used to make, what basic economic question are the answering? A) What to produce?. B) How to produce?. C) How much money should be printed?. D) For whom to produce?. Show Answer Correct Answer: B) How to produce?. 6. The idea that "the invisible hand" of competition sets prices and determines quantities produced in a market economy was the principle idea of A) Karl Marx. B) Thomas Jefferson. C) Adam Smith. D) George Washington. Show Answer Correct Answer: A) Karl Marx. 7. Which of the following is an example of how to produce? A) Building new roads. B) Making weapons. C) Providing services for citizens. D) Regulating the amount of pollution factories can produce. Show Answer Correct Answer: D) Regulating the amount of pollution factories can produce. 8. Which of the following factors will result in a shift of the aggregate supply curve to the right? A) An increase in oil prices. B) An increase in foreign investment. C) An increase in current expenditure by the Commonwealth Government. D) An increase in disposable income. Show Answer Correct Answer: B) An increase in foreign investment. 9. An advantage of flow production is A) Economies of scale mean products are more expensive. B) Workers can work on any part of the assembly line. C) High volume of products are produced. D) A greater need for labour skills. Show Answer Correct Answer: C) High volume of products are produced. 10. Quality means ..... A) Produce goods and services which does not meet customer requirements. B) Produce services which does meets customer requirements. C) Produce goods and services which does meet customer requirement. D) Produce goods that meet customer requirements. Show Answer Correct Answer: C) Produce goods and services which does meet customer requirement. 11. Which of the following would have the same meaning as "capitalism" or a "market economy" ? A) Communist system. B) Free-enterprise system. C) Socialist economy. D) Traditional economy. Show Answer Correct Answer: C) Socialist economy. 12. What is a disadvantage to employers of switching to production using division of labour? A) Average cost decreases. B) Repetition of tasks saves time. C) Training time decreases. D) Flexibility of workers is lost. Show Answer Correct Answer: D) Flexibility of workers is lost. 13. Which of the following has a pure market economy? A) The United States. B) China. C) Great Britain. D) None of the above. Show Answer Correct Answer: A) The United States. 14. When you pay someone to do something for you, you are buying a ..... A) Service. B) Natural Resource. C) Capital Resource. D) Good. Show Answer Correct Answer: A) Service. 15. What would be an example of technology improving productivity? A) Phones. B) Computers. C) Machines. D) None of above. Show Answer Correct Answer: B) Computers. 16. Which of the following is NOT true with production process A) Provision of a product or service. B) Firms adding value to a product. C) Transforming raw materials into finished goods. D) Providing only a product, not service. Show Answer Correct Answer: D) Providing only a product, not service. 17. Labour Productivity is the output per Worker or output per Hour Worked A) Yes, I understand this from the notes. B) No, I don't understand this from the notes. C) No, I don't understand this, as I have not read the notes. D) None of above. Show Answer Correct Answer: A) Yes, I understand this from the notes. 18. Which of the following BEST describes the ability of an economy to produce goods and services using resources with the least opportunity cost A) Technical efficiency. B) Productive efficiency. C) Dynamic efficiency. D) Allocative efficiency. Show Answer Correct Answer: A) Technical efficiency. 19. According to rational economic decision making, we should accept an option when A) There are no costs. B) The costs outweigh the benefits. C) The benefits outweigh the costs. D) There are no benefits. Show Answer Correct Answer: C) The benefits outweigh the costs. 20. Uncle Jed's Barbershop taught about the importance of A) Saving. B) Working hard. C) Sharing. D) All of the above. Show Answer Correct Answer: D) All of the above. 21. An economy that answers its basic economic questions by doing things the way that they always have been done is called a A) Traditional economy. B) Market economy. C) Command economy. D) All of the above. Show Answer Correct Answer: A) Traditional economy. 22. America's GDP per Capital today is about how many times greater than 100 years ago? A) 5. B) 12. C) 8. D) 10. Show Answer Correct Answer: C) 8. 23. What increases productivity? A) Specialization. B) Capital resources. C) Education/training. D) All of the above. Show Answer Correct Answer: D) All of the above. 24. Which factor of production is best for improving the quality of the products? A) Target Market. B) Technology. C) Resources. D) Standards. Show Answer Correct Answer: D) Standards. 25. Adding value to products or services for resale A) Product. B) Production. C) Economic growth. D) Productivity. Show Answer Correct Answer: B) Production. 26. Production means? A) The type of production used to make the product. B) How the product is produced. C) Labour or Capital production methods. D) All of the above. Show Answer Correct Answer: D) All of the above. 27. Which of these isn't a method of improving productivity? A) Training staff. B) Providing pay incentives. C) Employing more staff. D) Investing in up-to-date machinery. Show Answer Correct Answer: C) Employing more staff. 28. According to the clip:Why are some countries rich and others poor? A) Productivity. B) They have more sun. C) Opportunity Cost. D) Money. Show Answer Correct Answer: A) Productivity. 29. Why are educated and trained workers often more productive? A) Because they think quicker and more efficient. B) Because they think quicker. C) Because they work quicker. D) None of above. Show Answer Correct Answer: A) Because they think quicker and more efficient. 30. What is most likely to lead to an improvement in labour productivity in an industry? A) An increase in capital investment. B) An increase in income tax rates. C) An increase in the demand for the industry's product. D) An increase in the number of firms in the industry. Show Answer Correct Answer: A) An increase in capital investment. ← PreviousNext →Related QuizzesProduction QuizzesEconomics QuizzesProductivity Quiz 1Productivity Quiz 2Productivity Quiz 4 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books