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- 1. Multiple Choice
Iron, minerals, coal and plants are examples of which factors of production?
Land
Labor
Entrepreneurship
Capital
- 2. Multiple Choice
The goods used in the production process such as factories, machinery and equipment are classified into which factors of production?
Land
Resources
Labor
Capital
- 3. Multiple Choice
Difference between wants and needs and available resources is called
Economy
Resources
Factors of Production
Scarcity
- 4. Multiple Choice
Why added value is important?
Because sales revenue is greater than cost of materials bought in by business
Because people have unlimited wants
Because workers are trained in one task
Because resources are scarce
- 5. Multiple Choice
__ is a sector that involves firms that supply a service to consumers and other businesses.
Primary sector
Tertiary sector
Secondary sector
Intermediate sector
- 6. Multiple Choice
Which of the following is an example of businesses within the primary sector.
Doctor
Lawyer
Fishing
Pilot
- 7. Multiple Choice
Which is NOT a characteristic of successful entrepreneurs?
Hard working
Risk taker
Powerful
Innovative
- 8. Multiple Choice
The advantage of a person becoming an entrepreneur is:
More money to be earned than working for an employer
Less risk of business failure
There is more independence than when working for an employer
No opportunity cost involved in becoming an entrepreneur
- 9. Multiple Choice
Which of the following is not an effective way of measuring the size of a business?
Number of employees
Value of capital invested
Value of sales
Profit level
- 10. Multiple Choice
Which of the following is an example of horizontal integration between two businesses?
An oil company and an insurance company merge
A steel firm takes over a coal mine that supplies coal
A shoe shop buys out a shoe factory
Coca-Cola takes over a small soft drink business
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