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- 1. Multiple ChoiceWhich of these is the best definition of the ‘economic problem’?People do not have enough money.There are not enough resources to satisfy people’s wants.There are too many factors of production.
- 2. Multiple ChoiceWhich of the following is NOT a factor ofproduction?oil reservesfactory buildingsskilled labourmusic CDs
- 3. Multiple ChoiceDivision of labour can be defined as:Workers specialise on just one task and become better at it.Workers become specialist in all jobs.All firms only have one workerNo workers are employed as machines always do all the work.
- 4. Multiple ChoiceOne of the drawbacks to division of labour is that:output and efficiency fallsworkers spend time on training to do several different jobsworkers can become bored through concentrating on one jobno machinery is used and this slows down production.
- 5. Multiple ChoiceAll of the following are common business objectives (aims) except:to growto pay taxesto surviveto make profits
- 6. Multiple ChoiceWhich of the following is NOT one of the benefits of business growth?Sales will increase.Market share will probably rise.The business will probably become more secure.Management will have less work to do.
- 7. Multiple ChoiceWhich stakeholders in a business are paid a salary by the business and lead and direct it?the governmentthe workersthe consumersthe managers
- 8. Multiple ChoiceThe main objective of a newly formed business is most likely to be:survivalmaximum profitrapid growthproviding a service to the community
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