Economics Production Quiz
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Questions and Answers

Which of the following is considered a production activity?

  • Eating
  • Homework
  • Housework (correct)
  • Watching movies

    • What best defines production?

  • Engaging in recreational activities
  • Turning inputs into outputs (correct)
  • The act of consuming resources
  • The process of purchasing goods

    • Which of the following is an input in the production process?

  • Completed tasks
  • Crops
  • Music albums
  • Sunshine (correct)

    • Which of the following activities is excluded from the definition of production?

    <p>Farming</p> Signup and view all the answers

    What distinguishes production activities from others in terms of monetary return?

    <p>They do not always involve a monetary return.</p> Signup and view all the answers

    What defines a private good?

    <p>It is rival and excludable.</p> Signup and view all the answers

    Which of the following is an example of a public good?

    <p>National defense</p> Signup and view all the answers

    Which characteristic describes public goods?

    <p>They are non-rival and non-excludable.</p> Signup and view all the answers

    Why are public goods often subject to free-riding?

    <p>It is too costly to prevent consumption by non-payers.</p> Signup and view all the answers

    What distinguishes public goods from private goods?

    <p>Public goods are non-rival and non-excludable.</p> Signup and view all the answers

    What is the primary focus of tertiary production?

    <p>Providing various kinds of services</p> Signup and view all the answers

    Which activity is an example of secondary production?

    <p>Manufacturing</p> Signup and view all the answers

    How do primary and secondary productions relate to one another?

    <p>Primary production supplies raw materials to secondary production</p> Signup and view all the answers

    Which statement correctly describes tertiary production?

    <p>Tertiary production provides intangible services</p> Signup and view all the answers

    Which is NOT an example of primary production?

    <p>Manufacturing</p> Signup and view all the answers

    What is the primary purpose of consumer goods?

    <p>To satisfy human wants directly</p> Signup and view all the answers

    Which of the following is an example of a producer good?

    <p>iPad for order taking</p> Signup and view all the answers

    Under what circumstance does a good become a consumer good?

    <p>When it is purchased for personal enjoyment</p> Signup and view all the answers

    What distinguishes producer goods from consumer goods?

    <p>Producer goods are utilized in production processes</p> Signup and view all the answers

    An oven used for baking cakes for sale is categorized as what type of good?

    <p>Producer good</p> Signup and view all the answers

    Which of the following scenarios exemplifies the use of a consumer good?

    <p>A car used for personal travel</p> Signup and view all the answers

    How can the same good serve as both a consumer good and a producer good?

    <p>Based on the owner's intention for use</p> Signup and view all the answers

    What is an example of a consumer good that also has a producer function?

    <p>An iPad for playing games</p> Signup and view all the answers

    What is an example of simple division of labor?

    <p>A chef specializing in cooking</p> Signup and view all the answers

    Which type of division of labor involves a region specializing in certain goods?

    <p>Regional Division of Labor</p> Signup and view all the answers

    What type of good is a rubbish bin on the street classified as?

    <p>Not public good</p> Signup and view all the answers

    How does practice impact labor productivity in division of labor?

    <p>It increases skill and efficiency</p> Signup and view all the answers

    What is a consumer good?

    <p>A good used by individuals for personal use</p> Signup and view all the answers

    What is a benefit of specialization in division of labor?

    <p>Higher labor productivity</p> Signup and view all the answers

    Which of the following goods is an example of a private good?

    <p>A firework</p> Signup and view all the answers

    What characteristic does chocolate have in terms of exclusivity and rivalry?

    <p>Excludable and rivalrous</p> Signup and view all the answers

    Which of the following statements correctly describes a producer good?

    <p>A product used in the production of other goods</p> Signup and view all the answers

    What is true about complex division of labor?

    <p>Each worker focuses on a specific production stage.</p> Signup and view all the answers

    What type of good is a rubbish bin in Mr. Chan's home?

    <p>Private good</p> Signup and view all the answers

    When is a desktop computer considered a consumer good?

    <p>When used at home for gaming or personal tasks</p> Signup and view all the answers

    Which good can be classified as non-excludable?

    <p>Rubbish bin on the street</p> Signup and view all the answers

    In what situation is a Dyson hair dryer categorized as a producer good?

    <p>When it is sold in a salon or shop</p> Signup and view all the answers

    Which of the following statements is true about goods?

    <p>A good can function as both consumer and producer depending on its use.</p> Signup and view all the answers

    What is a disadvantage of the division of labour that affects worker satisfaction?

    <p>Work becomes boring</p> Signup and view all the answers

    What impact does division of labour have on workers' skills?

    <p>Workers focus on developing a single skill</p> Signup and view all the answers

    How does division of labour affect capital goods?

    <p>Tools are used more efficiently</p> Signup and view all the answers

    What is a potential risk associated with the increased mechanization from division of labour?

    <p>Greater degree of interdependence</p> Signup and view all the answers

    What is a consequence of standardisation in mass production?

    <p>Reduced customer choice of products</p> Signup and view all the answers

    What has been the trend in the tertiary sector's contribution to Hong Kong's GDP from 2005 to 2019?

    <p>Increased significantly</p> Signup and view all the answers

    What is one reason for the decline in the primary sector in Hong Kong?

    <p>Limited natural resources</p> Signup and view all the answers

    Which sector showed a percentage contribution of 7.6% to GDP in 2005?

    <p>Secondary</p> Signup and view all the answers

    What is a potential reason for the decline of the secondary sector in Hong Kong?

    <p>Mass relocation of factories to the Mainland</p> Signup and view all the answers

    As of 2019, what percentage contribution does the tertiary sector make to Hong Kong's GDP?

    <p>93.50%</p> Signup and view all the answers

    Which of the following statements about the primary sector is true?

    <p>It has become less significant due to urbanization.</p> Signup and view all the answers

    What have been the employment trends in the primary and secondary sectors in Hong Kong?

    <p>Both sectors have seen a decline in employment.</p> Signup and view all the answers

    Which of the following categories does not represent a production activity in Hong Kong's context?

    <p>Relocation of factories</p> Signup and view all the answers

    What type of division of labor would be most effective for products characterized by high originality and uniqueness?

    <p>Functional division of labor</p> Signup and view all the answers

    Which scenario demonstrates a limitation of division of labor due to the size of the market?

    <p>A bakery producing artisanal bread for a local community</p> Signup and view all the answers

    In coffee bean production, which type of division of labor could be applied if different regions specialize in various stages of production?

    <p>Inter-regional division of labor</p> Signup and view all the answers

    Which of the following occupations represents a functional division of labor in a restaurant setting?

    <p>Cooks preparing meals</p> Signup and view all the answers

    What is a key advantage of applying division of labor in production processes?

    <p>It allows for mass production of identical products</p> Signup and view all the answers

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