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Economic Problem and Factors of Production Quiz

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Economic Problem and Factors of Production Quiz

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Questions and Answers

What is the primary purpose of business activity?

To minimize opportunity cost

To produce goods or services that satisfy a need in the market (correct)

To increase global competition

To specialize in a specific industry

Why has specialization become more common?

To reduce customer loyalty

Due to specialized technology, machinery, and increasing global competition (correct)

To lower the quality of products

To decrease productivity and output per worker

What is the difference between goods and services?

Goods are physical products, services are non-physical items (correct)

Goods are non-physical items, services are physical products

Goods are intangible, services are tangible

Goods are hard to produce, services are easy to produce

What does specialization lead to in terms of productivity?

Higher output per worker Signup and view all the answers

What is the purpose of adding value to products or services in business activity?

To differentiate products from competitors and increase customer satisfaction Signup and view all the answers

Which of the following is considered essential according to the text?

Shelter Signup and view all the answers

What is the economic term for the loss of the next best alternative when making a decision?

Opportunity cost Signup and view all the answers

In economics, which of the following represents factors of production?

Land, labour, capital, and Enterprise Signup and view all the answers

What is the term used to describe desires which are non-essential according to the text?

Wants Signup and view all the answers

When a producer decides to allocate all resources to producing electric vehicles, what represents the opportunity cost?

The loss of petrol vehicles production Signup and view all the answers