Economics Quiz on Various Concepts

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Questions and Answers

Match the following sectors with their characteristics:

Public sector = Firms controlled by the government Private sector = Firms controlled by individuals Mixed economy = Both private and public sectors coexist Command economy = Economies with only public sector

Match the following types of economies with their definitions:

Free market economy = Only private sector and no government intervention Mixed economy = Governments and individuals make decisions together Command economy = Economies that have only the public sector Public sector = Involves firms managed by local authorities

Match the following characteristics of sole traders:

Limited liability = High legal formalities Separate legal identity = Business and owner considered one Continuity = Difficult to sell shares Ownership = Owned and controlled by one person

Match the following advantages and disadvantages of sole traders:

Limited liability = Can’t sell shares to public Separate legal identity = Difficult to sell shares Continuity = High legal formalities Full control = Business and owner are the same Signup and view all the answers

Match the following terms with their descriptions:

Sole trader = Business owned by one person Free market economy = No government control over businesses Command economy = Total control of economy by government Mixed economy = Public and private sectors share responsibility Signup and view all the answers

Match the following sectors with their respective examples:

Primary sector = Fishing and mining Secondary sector = Car manufacturing Tertiary sector = Banking Quaternary sector = Information services Signup and view all the answers

Match the advantages of manufacturing industries with their corresponding descriptions:

Can allocate resources = More efficient production Future planning = Long-term profitability assessments Attract investors = Stimulates economic growth Increases exports = Enhances trade balance Signup and view all the answers

Match the disadvantages of manufacturing industries with their corresponding effects:

Can be inaccurate = Flawed planning outcomes Can be time-consuming = Delays in production Changing business environment = Requires constant adaptation De-industrialisation = Decline in manufacturing importance Signup and view all the answers

Match the benefits of multinational corporations (MNCs) with their effects:

Increases exports = Economic growth Reduces imports = Strengthened local industries Increased tax revenue = Improved public services More profitable firms = Higher employment rates Signup and view all the answers

Match the process of economic development with its outcomes:

As a country develops = Average income increases Rising incomes = Higher living standards Increased spending on services = Higher demand for services Competition in manufacturing = Lower prices for consumers Signup and view all the answers

Match the effects of de-industrialisation with their characteristics:

Occurs in developed countries = Decline of secondary sector Manufacturing declines = Shift to service economy Job losses = Increase in unemployment rates Economic restructuring = Adaptation to new industries Signup and view all the answers

Match the impacts of rising living standards with their implications:

Increased consumer spending = Growth in service sector Higher average income = Better quality of life Shift in consumer demand = Preference for services Improved economic conditions = Attraction of investments Signup and view all the answers

Match the definitions of business activities with their class:

Collecting natural resources = Primary sector Processing raw materials = Secondary sector Selling services = Tertiary sector Providing information services = Quaternary sector Signup and view all the answers

Match the following industrial action types with their descriptions:

Overtime bans = Workers refuse to work more than contracted hours Collective bargaining = Negotiation process between employers and employees Negotiations = Attempts to find compromise to avoid conflict Strike action = An extreme action resulting in production stoppage Signup and view all the answers

Match the following impacts of union involvement with their effects:

Bargaining power = Unions negotiate better pay and conditions Lost output = Potential loss of sales for employers during strikes Legal support = Assistance for unfair dismissal claims Employee insights = Improved decision-making in businesses Signup and view all the answers

Match the following methods used by employers to resolve disputes:

Health and safety compliance = Meeting legal requirements Independent arbitrator = Mediator in collective bargaining Negotiations = Efforts to find a compromise Trade union involvement = Support for employee negotiations Signup and view all the answers

Match the following employee strategies with their characteristics:

Work-to-rule = Only doing tasks specified in the contract Go slow = Deliberately reducing work pace Overtime bans = Refusing additional hours beyond contract Strike action = Stopping all work for an indefinite period Signup and view all the answers

Match the following collective actions with their purposes:

Strike action = To compel better conditions through work stoppage Go slow = To express dissatisfaction while still working Overtime bans = To limit work hours during busy times Work-to-rule = To enforce strict adherence to contract terms Signup and view all the answers

Match the following terms with their consequences:

Union unity = Strengthens bargaining position Negotiation outcomes = Potential compromise solutions Strikes = Production halts and business shutdowns Legal support = Aid for addressing poor working conditions Signup and view all the answers

Match the following actions with their meanings:

Collective bargaining = Group efforts to negotiate terms Dispute resolution = Process of settling conflicts Industrial action = Actions taken by workers to express demands Employer negotiations = Discussions to avoid strikes Signup and view all the answers

Match the following managerial concepts with their descriptions:

Theory X = Assumes employees are motivated primarily by money Piece Rate Payment = Wage linked to output level Autocratic Leadership = Close supervision with no feedback Hawthorne Effect = Increased productivity when workers are observed Signup and view all the answers

Match the following figures with their contributions to management theories:

Abraham Maslow = Hierarchy of human needs Mayo = Research on worker participation effects HRM = Management of employee relations and performance Team Working = Leveraging group dynamics for productivity Signup and view all the answers

Match the following motivational theories with their key characteristics:

Maslow's Hierarchy = Categorizes needs into five levels Hawthorne Studies = Focus on employee involvement impacts Theory X = Employees need close supervision Team Dynamics = Utilizes collaborative efforts for success Signup and view all the answers

Match the following payment methods with their descriptions:

Piece Rate = Payment per unit produced Hourly Wage = Fixed payment for hours worked Commission = Payment based on sales performance Salary = Fixed regular payments regardless of output Signup and view all the answers

Match the following terms to their definitions related to management:

Supervision = Direct oversight of employee tasks Feedback = Information provided about performance Employee Participation = Involvement in decision-making processes Motivation = Incentives driving employee behavior Signup and view all the answers

Match the following leadership styles with their features:

Autocratic = Top-down decision-making Democratic = Encourages group input Laissez-faire = Minimal direct supervision Transactional = Focuses on supervision and performance rewards Signup and view all the answers

Match the following management theories with their focus area:

Scientific Management = Efficiency in worker productivity Human Relations Theory = Social dynamics of the workplace Systems Theory = Interconnectedness of organizational components Contingency Theory = Adaptability based on situational variables Signup and view all the answers

Match the following terms with their associated concepts:

One-way Communication = Information flows in a single direction Two-way Communication = Open dialogue between parties Worker Motivation = Driving factors for employee engagement Output Measurement = Assessment of productivity levels Signup and view all the answers

Match the following components of Vroom's expectancy theory with their definitions:

Valence = Depth of the want for an extrinsic reward Expectancy = Degree to which hard work leads to desired reward Instrumentality = Confidence in receiving a reward Motivation = Behavior influenced by expected outcomes and rewards Signup and view all the answers

Match the following beliefs related to motivation with their descriptions:

Valence = Strength of desire for a reward Expectancy = Belief that effort will result in performance Instrumentality = Link between performance and reward Need strength = Intensity of desire to fulfill needs Signup and view all the answers

Match the following elements of motivation with their significance:

Positive link between performance and effort = Encourages employees to work harder Favorable reward = Increases employee satisfaction Satisfaction of important needs = Enhances motivation levels Strong desire to satisfy needs = Drives individual behavior Signup and view all the answers

Match the following aspects of Vroom’s theory with their impact on motivation:

Missing valence = Reduces the desire for performance Missing expectancy = Decreases effort put into work Missing instrumentality = Affects confidence in receiving rewards All three beliefs present = Leads to high motivation levels Signup and view all the answers

Match the following outcomes with their related beliefs in Vroom's expectancy theory:

Performance = Result of effort and expectancy beliefs Reward = Outcome that satisfies employee needs Effort = Influenced by expectancy and instrumentality Motivation = Culmination of all three beliefs in the model Signup and view all the answers

Match the following management concepts with their relevant descriptions:

Job redesign = Restructuring of a job with the agreement of the employee Delegation = Passing down of authority Training = Improving and developing the skills of employees Quality circles = Voluntary groups that meet regularly to discuss issues Signup and view all the answers

Match the following terms with their respective outcomes:

Involvement in decisions = Encouraged participation in decision making Team-working = Better and quicker solutions to problems Target setting = Provides a sense of direction Empowerment = Enables better ideas and feedback Signup and view all the answers

Match the following approaches to management with their characteristics:

Autocratic managers = Find it difficult to adapt to teamwork Paternalistic leadership = Can be demotivating Management by objectives = Encourages participation through set goals Delayering = Improves productivity and lowers wastage Signup and view all the answers

Match the following advantages of job redesign with their impacts:

Job enrichment = Leads to a greater sense of belonging Increased status = Improves productivity Wider skill range = Increases chances of promotion Greater employee involvement = Provides first-hand experience with issues Signup and view all the answers

Match the following types of employee engagement with their descriptions:

Worker participation = Actively encouraged to become involved Quality circles = Meet to discuss improvement of processes Team-working = Focus on collaboration for better outcomes Target setting = Alignment of goals with employee contributions Signup and view all the answers

Match the following training-related terms with their meanings:

Training costs = Expenses incurred in employee skill development Conflict with organizational values = Challenges arising in management practices Time taking = Necessary to ensure quality appraisal each year Feedback = Information provided to enhance performance Signup and view all the answers

Match the following concepts with their origin or influence:

Kaizen = Originated in Japan Herzberg's motivation theory = Linked to job enrichment benefits Maslow's hierarchy of needs = Focuses on employee motivation Quality circles = Encourages teamwork and employee input Signup and view all the answers

Match the following job enrichment outcomes with their benefits:

Improved job quality = Leads to better decision making Better productivity = Results in lower wastage Greater employee satisfaction = Enhances overall performance Enhanced skill variety = Broadens employee capabilities Signup and view all the answers

Match the following terms related to employee engagement with their effects:

Empowerment = Provides a new perspective Team-working = Fosters cooperation and innovation Involvement = Encourages dialogue and contribution Quality circles = Drives improvement through collective ideas Signup and view all the answers

Match the following motivational theories with their implications:

Herzberg's theory = Emphasizes job enrichment for satisfaction Maslow's theory = Focuses on needs hierarchy to motivate Job redesign = Increases interest and challenge in work Delegation = Improves employee motivation and autonomy Signup and view all the answers

Match the following terms with the corresponding managerial practices:

Management by objectives = Targets are set collaboratively Autocratic leadership = Decision making is centralized Delegation = Transfer of authority to employees Training programs = Equip employees with necessary skills Signup and view all the answers

Match the following leadership styles with their characteristics:

Autocratic = Leadership style with minimal employee input Paternalistic = Emphasizes care but can be demotivating Democratic = Encourages collective decision making Laissez-faire = Provides minimal direction to employees Signup and view all the answers

Match the following outcomes of delegation with their effects:

Lower labor turnover = Increased employee satisfaction Improved job quality = Higher standards of work accomplished Empowerment of staff = Increases ownership and accountability Better ideas = Results from diverse employee contributions Signup and view all the answers

Match the following aspects of teamwork with their benefits:

Collaboration = Achieves shared goals more effectively Creativity = Generates innovative solutions Support = Encourages mutual assistance among members Quality improvement = Constantly assesses and enhances outputs Signup and view all the answers

Match the following themes related to quality improvement with their approaches:

Quality circles = Focus on group collaboration for solutions Job enrichment = Enhances daily responsibilities for employees Delegation = Distributes tasks for efficiency Training = Improves skills and adaptability Signup and view all the answers

Flashcards

Free Market Economy

A type of economy where the government has no involvement and businesses operate solely in the private sector. Individuals and firms make all economic decisions.

Command Economy

A type of economy where the government controls and manages all businesses and resources.

Mixed Economy

A type of economy that combines both private and public sectors, where individuals and the government share economic decision-making.

Sole Trader

A business owned and operated by a single person. The owner and the business are legally considered one entity.