This quiz works best with JavaScript enabled. Home > Production > Productivity > Productivity – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Productivity Quiz 5 (19 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. America's GDP per Capital today is about how many times greater than 100 years ago? A) 8. B) 10. C) 12. D) 5. Show Answer Correct Answer: A) 8. 3. 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. 4. 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. 5. Adding value to products or services for resale A) Product. B) Production. C) Productivity. D) Economic growth. Show Answer Correct Answer: B) Production. 6. 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. 7. Which of these isn't a method of improving productivity? A) Employing more staff. B) Providing pay incentives. C) Investing in up-to-date machinery. D) Training staff. Show Answer Correct Answer: A) Employing more staff. 8. According to the clip:Why are some countries rich and others poor? A) Opportunity Cost. B) Money. C) Productivity. D) They have more sun. Show Answer Correct Answer: C) Productivity. 9. 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. 10. 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. 11. Who was the author of "The Wealth of Nations" ? A) Andrew Carnegie. B) Thomas Jefferson. C) Voltaire. D) Adam Smith. Show Answer Correct Answer: A) Andrew Carnegie. 12. For whom are goods and services in a market economy? A) Whomever the government decides should get them. B) Those who both have the money and who are willing to spend it for the goods and services that they want. C) For the government officials. D) The traditional consumers. Show Answer Correct Answer: A) Whomever the government decides should get them. 13. When markets or governments make economic decisions about how to most efficiently convert their resources into goods and services, what basic economic question are they answering? A) How to produce?. B) For whom to produce?. C) How much money should be printed?. D) What to produce?. Show Answer Correct Answer: A) How to produce?. 14. Which of the following is an example of microeconomics. A) Economics of government. B) Economics of an individual. C) Economics of industry. D) Economics of society. Show Answer Correct Answer: B) Economics of an individual. 15. Which of the following is NOT an advantage of being productive? A) Lower cost of production. B) You may get paid less because the job took less time. C) Increase customer satisfaction. D) Maximize use of scarce resources. Show Answer Correct Answer: B) You may get paid less because the job took less time. 16. * Productivity is a way of measuring how efficiently a company or an economy is producing its output. 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. 17. An examples of flow production is? A) Making Pringles. B) Housing. C) Making Jewellery. D) Customer Service. Show Answer Correct Answer: A) Making Pringles. 18. Goods used to create other goods A) Producer goods. B) Intermediate goods. C) Final service. D) Consumer good. Show Answer Correct Answer: A) Producer goods. 19. You vacuum the house, your sister cleans the bathroom, and your father folds the laundry. This is an example of: A) Productive capacity. B) Division of labor. C) Scarcity. D) Opportunity cost. Show Answer Correct Answer: B) Division of labor. ← PreviousRelated QuizzesProduction QuizzesProductivity Quiz 1Productivity Quiz 2Productivity Quiz 3Productivity Quiz 4 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books