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Economics: Benefits of Specialization

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Questions and Answers

What is one of the reasons workers become more productive when they specialize in a task?

They have to move from one job to another.

They become very good at it by doing the task over and over again. (correct)

They take more days off due to sickness.

They are trained more slowly.

What can be a disadvantage of specialization?

Workers may get more days off due to sickness.

Workers may become less productive.

Workers may have more job opportunities.

Workers may get bored doing the same task every day. (correct)

What is the primary function of money?

To act as a store of value.

To enable people to borrow.

To enable people to save.

To act as a medium of exchange. (correct)

What is the main purpose of a current account or demand account?

To enable people to keep their money in a safe place. Signup and view all the answers

What type of banks aim to make a profit by providing a range of banking services?

Commercial banks. Signup and view all the answers

What is a characteristic of a current account?

Interest is paid on the money held in it Signup and view all the answers

What is the primary function of a central bank as a banker to the government?

To keep the government's revenue in the form of taxes Signup and view all the answers

What is the main difference between a current account and a deposit account?

Interest is paid only in deposit accounts Signup and view all the answers

What is another function of a central bank?

To operate as a banker to the commercial banks Signup and view all the answers

What is the primary purpose of a deposit account?

To save money for long-term goals Signup and view all the answers