Ch1 - Business activity

Ch1 - Business activity

11th Grade

20 Qs

quiz-placeholder

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Ch1 - Business activity

Ch1 - Business activity

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Easy

Created by

Mariona Taniguchi

Used 125+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Business activity is the process of producing goods and services to satisfy consumer demand.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is not a consumer need?

Water

Housing

Car

Food

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Ali owns his own bakery. Ali makes all of the bread and cakes then sells them in his attached shop.

Which factor of production is NOT mentioned in the above scenario?

Capital

Labour

Land

Enterprise

Answer explanation

Capital is correct because the scenario does not mention Ali’s finance or the machinery and equipment he uses to make his bread and cakes. The scenario does mention land (it refers to the bakery), enterprise (Ali owns his own business so he is an entrepreneur) and labour (Ali makes the bread and cakes and sells them himself)

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The benefit that could have been gained from an alternative use of the same resource’ is a definition of ...

the economic problem

production

scarcity

opportunity cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Scarcity is the difference between unlimited consumer needs and limited factors of production.

True

False

Answer explanation

Scarcity is the difference between the goods and services produced by businesses, using all available resources, and the unlimited wants of consumers. This statement is false because scarcity is not concerned with the unlimited needs of consumers, but with their unlimited wants.

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Increasing specialisation of factors of production makes businesses ...

less profitable

less efficient

less productive

more efficient

7.

FILL IN THE BLANK QUESTION

1 min • 5 pts

... goods are products that are sold to other businesses to help them in their production process.

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