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FC4: reason for growth, goods/services, productivity, division of labor/specialization

Last updated about 6 years ago

5 questions

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1

1

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Question 1

1.

Which of the following will lead to an increase in economic growth?

more physical capital

more resources

less educated workforce

fewer resources

lower productivity

better educated workforce

better technology

less physical capital

Question 2

2.

Which of the following is an example of a good?

buying popcorn at the movie

getting a haircut

going to the latest Avengers movie

going to Petsmart to have your dog groomed

Question 3

3.

Productivity is measured as

input times output times 2

Output times input

output divided by input

input divided by output

Question 4

4.

Burt and Ernie open their own computer repair shop. Burt will manage their parts inventory and all the accounting duties. Ernie will work out front to meet customers when they drop off and pick up their computers. Burt will work on desktop computers, while Ernie will repair laptops. Burt and Ernie's arrangement is an example of

specialization

incorporation

competition

self-sufficiency

Question 5

5.

Which of the following scenarios represents an increase in productivity?

producing fewer cars in more time

producing the same number of cars in the same amount of time

producing more cars in more time

producing the same amount of cars in less time

producing more cars in the same amount of time