UOI #6 Quiz

Which of the following is NOT one of the four factors of production?

• Land

• Labour

• Goods

• Entrepreneurship

Which of the following is an example of capital in the production of a pencil?

• The graphite in the pencil

• The labour of the pencil maker

• The land where the pencil is made

• The machinery used to make the pencil

Which of the following is an example of an output of a bakery?

• Flour

• Sugar

• A cake

• An oven

What is a benefit of specialization in the production of goods and services?

• It reduces the need for trade and exchange.

• It allows workers to focus on a particular task and become more skilled at it.

• It eliminates the need for technology and machinery.

• It increases the cost of production.

Which of the following is an example of division of labor in a car factory?

• One worker assembling an entire car from start to finish.

• One worker installing the engine, another worker installing the tires, and another worker installing the seats.

• One worker designing the entire car and overseeing the production process.

• One worker driving the car off the assembly line and delivering it to the dealership.

Which of the following is true of salaries?

• They are typically paid on a per-hour basis.

• They are typically paid to unskilled workers.

• They are typically paid to employees who receive tips.

• They are typically paid on a yearly basis.

Which of the following is NOT a function of a bank?

• Providing loans to individuals and businesses.

• Keeping money safe for customers.

• Selling houses and other expensive necessities.

• Facilitating the transfer of money between individuals and businesses.

What is the Bank of Japan?

• A commercial bank that serves individuals and businesses in Japan.

• A government agency responsible for regulating the banking industry in Japan.

• Japan's central bank, responsible for monetary policy and ensuring the stability of the financial system.

• A private organization that provides financial services to the Japanese government.

What is the name of the card that allows you to borrow money from a bank?

• Credit card

• Debit card

• Gift card

• Prepaid card

Which of the following is NOT a way that banks make money?

• Charging fees for services such as checking accounts and ATM withdrawals.

• Investing the money deposited by customers.

• Lending money to customers and charging interest on the loans.

• Giving money away to charities and charging interest.