This quiz works best with JavaScript enabled. Home > Production > Productivity > Productivity – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Productivity Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Production involves converting inputs (e.g. raw materials, labour) into outputs (things to sell). 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. 2. In our "playdough economics" activities, what represented improved capital resources? A) The playdough. B) The assembly line. C) The bun and patty makers. D) The team members. Show Answer Correct Answer: C) The bun and patty makers. 3. A person opened a booth at a flea market to sell clothing. This is an example of which factor of production? A) Capital. B) Entrepreneurship. C) Natural resources. D) Machinery. Show Answer Correct Answer: B) Entrepreneurship. 4. Which of the following pairs of countries have come the closest to having a purely command economic system? A) The United States and Great Britain. B) Germany and Japan in the 1930s and early 1940s. C) China in the 1950s and North Korea today. D) South Africa and Canada. Show Answer Correct Answer: A) The United States and Great Britain. 5. What does a cost-benefit analysis compare? A) Total costs and total revenue. B) Total revenue and marginal benefit. C) Marginal costs and total costs. D) Marginal costs and marginal benefits. Show Answer Correct Answer: D) Marginal costs and marginal benefits. 6. Production can be carried out more efficiently by using A) Better quality materials. B) Motivated workers. C) Technology. D) Investment. Show Answer Correct Answer: C) Technology. 7. What effect does the lack of competition in command economies have? A) Very high prices. B) Very low prices. C) Very high quality products. D) Very low qualities products. Show Answer Correct Answer: A) Very high prices. 8. Production means manufacturing something in order to sell it 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. 9. What is productivity? A) The ability to produce more output, per worker, per hour. B) The ability to stay awake longer than anyone else. C) A byproduct of excessive coffee. D) Making more money with less resources. Show Answer Correct Answer: A) The ability to produce more output, per worker, per hour. 10. The mixer, oven and decorating machine they use are examples of: A) Dividends. B) Training. C) Specialization. D) Capital resources. Show Answer Correct Answer: D) Capital resources. 11. In a bank there are tellers, loan officers, and managers. Which economic concept does this arrangement demonstrate? A) Outsourcing. B) Assembly-line production. C) Division of labor. D) Opportunity cost. Show Answer Correct Answer: C) Division of labor. 12. Becky, Betty and Bob run a cupcake shop. Becky makes the cupcakes, Betty decorates them and Bob sells them. The different jobs they have is an example of: A) Advertising. B) Specialization. C) Capital resources. D) Economic exchange. Show Answer Correct Answer: B) Specialization. 13. A product or service is scarce when A) The amount available is not enough to meet the demands of society. B) The amount available can satisfy the demands of society. C) Its price far exceeds the value of the item. D) One company is responsible for producing the product. Show Answer Correct Answer: A) The amount available is not enough to meet the demands of society. 14. Which of the following types of economies is most likely to develop new and better products? A) Market. B) Command. C) Traditional. D) None of the above. Show Answer Correct Answer: A) Market. 15. The outputs (finished goods) produced through production should have an exchangeable value-they need to be something that can be sold. 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. 16. What is Switzerland's main natural resource? A) Gold. B) Timber. C) Fish. D) Cows. Show Answer Correct Answer: D) Cows. 17. An advantage of Job production is A) Its usually quicker to complete. B) Costs are much lower. C) A personal service can be provided. D) None of above. Show Answer Correct Answer: C) A personal service can be provided. 18. In a command economy, which of the following determines for whom goods and services are produced? A) The market. B) Tradition. C) The government. D) The churches. Show Answer Correct Answer: A) The market. 19. Labour productivity could be increased by all of the following except: A) Using more technologically advanced machines. B) Increasing the amount of automation. C) Improved training of workers. D) Employing more workers to produce the same level of output. Show Answer Correct Answer: D) Employing more workers to produce the same level of output. 20. Which of the following is a want? A) Clothing. B) Food. C) Shelter. D) Vacation. Show Answer Correct Answer: D) Vacation. Next →Related QuizzesProduction QuizzesProductivity Quiz 2Productivity Quiz 3Productivity Quiz 4Productivity Quiz 5 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books