1
The resources used in the production process are collectively known as:
A. Human capital resources
B. Raw material
C. Working capital
D. Factors of production
D. Factors of production
The primary sector is the part of the economy that consists of:
A. Agriculture, fishing and extractive services
B. Little, if any, government control
C. Businesses that have been recently set up
D. Organisations that lack finance
A. Agriculture, fishing and extractive services
The process of increasing the value of a resource in the production process is known as:
A. Adding value
B. Chain of production
C. Production function
D. Value chain analysis
A. Adding value
The ________ sector of the economy is owned by individuals and companies, usually in pursuit of making a profit. The ________ sector is controlled by the government that aims to primarily to provide a service by acting in the public's best interest.
A. Private, Public
B. Public, Private
C. Primary, Tertiary
D. Tertiary, Primary
A. Private, Public
A country that has the highest share of its output in the the primary sector is likely to have the greatest share of its employment in the tertiary sector as workers will be providing a service.
TRUE OR FALSE?
FALSE
Specialization does not benefit from:
A. Monotony of doing the same job
B. Productivity gains
C. Products that are mass produced
D. Increased competitiveness
A. Monotony of doing the same job
The secondary sector:
A. Forms the largest employment sector in most developed countries
B. Provides both goods and services
C. Consists of businesses involved in the manufacturing of goods
D. Is labour intensive
C. Consists of businesses involved in the manufacturing of goods
Computers are an example of which type of factor input?
A. Labour
B. Land
C. Capital
D. Machinery
C. Capital
Which of the following would not be regarded as part of the tertiary sector?
A. Leisure and tourism
B. Insurance
C. Education and training
D. Engineering
D. Engineering
As less developed economies move into developed economy status, there is typically a shift in output and employment from:
A. Primary to secondary
B. Secondary to tertiary
C. Primary to secondary to tertiary
D. Primary to secondary or tertiary
C. Primary to secondary to tertiary
The difference between the costs of inputs in the production process and the price of the final output is known as:
A. Income
B. Revenue
C. Added value
D. Profit
C. Added value
Production is:
A. The process of making goods and services from the available factor inputs
B. The manufacturing of goods and services in the secondary industry
C. Any output other than services
D. The second stage of the output process
A. The process of making goods and services from the available factor inputs
Which of the following is least specialised?
A. Lawyer of criminal law
B. Taxi driver
C. Primary school teacher
D. Professional basketball player
C. Primary school teacher
The division of labour is most extensively observed in which of the following cases?
A. Original oil paintings
B. Made-to-measure suits
C. Lecturing at university
D. Hairdressing
C. Lecturing at university
_____________ are physical and tangible goods sold to the general public. They include cars and washing machines, which are referred to as durable consumer goods. Non-durable consumer goods include food, drinks and sweets that can only be used once.
A. Capital Goods
B. Consumer Services
C. Consumer Goods
D. Factors of Production
C. Consumer Goods
Which of the following is NOT an example of primary production?
A. Agriculture
B. Fishing
C. Mining
D. Coaching
D. Coaching
The advantages of specialization include all those listed except:
A. A greater amount of output
B. Development of expertise and skills
C. Wider choice of options for customers
D. Increase in overall efficiency of production
C. Wider choice of options for customers
Public utilities, such as water and gas supply, are usually considered as being in the tertiary sector because they:
A. Are owned by the government
B. Provide services to the general public
C. Are involved with turning resources into a usable product
D. Are not extracted or manufactured
B. Provide services to the general public
As factors of production, which of the following is not classified as land?
A. Fish
B. Paper
C. Water
D. Crude oil
B. Paper
______________ are non-tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys.
A. Consumer Goods
B. Consumer Services
C. Capital Goods
D. Factors of Production
B. Consumer Services
Which occupation does not exist in the tertiary sector?
A. Estate agent
B. Secretary
C. Machinist
D. Librarian
C. Machinist
Which of the following businesses would not be described as operating in the tertiary sector?
A. Pest control
B. Restaurant
C. Private security
D. Textiles
D. Textiles
The term 'product' refers to:
A. Services only
B. Goods only
C. Both goods and services
D. The physical attributes of a good
C. Both goods and services
An entrepreneur is someone who:
A. Owns a business as a sole trader or as the primary shareholder
B. Organises factor inputs and takes risks in business decisions
C. Is an industrialist who manages production and output
D. Has a managerial or supervisory role within an organisation
B. Organises factor inputs and takes risks in business decisions
______________ are physical goods that are used by an industry to aid in the production of other goods and services, such as machines and commercial vehicles.
A. Consumer Goods
B. Consumer Services
C. Factors of Production
D. Capital Goods
D. Capital Goods